$17M lent by Lincoln Life & Annuity for industrial property in Little Neck

Joseph Lostritto through the entity Steel Tribune, LLC as borrower signed a loan agreement with lender Lincoln Life & Annuity Company of New York valued at $17 million for 1 parcel, including the tax class light manufacturing building (F5) at 60-15 Little Neck Parkway in Little Neck. The deal closed on October 31, 2019 and was recorded on November 14, 2019.
The property contains a total of 224,106 square feet of built space.
The average loan per buildable square foot is $58.
The last time the property sold was September 27, 2010, for $18,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 21, 2017.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $300,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $2,522,150. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link