$20M refi with U.S. Bank for rental in Rego Park

The entity Boulevard Leasing Limited Partnership as borrower signed a refi loan with lender U.S. Bank valued at $20 million for the 108-unit rental (D6) at 97-45 Queens Boulevard in Rego Park, Queens.
The deal closed on July 1, 2021 and was recorded on August 2, 2021.
The property has 151,960 square feet of built space and 0 square feet of additional air rights for a total buildable of 46,612 square feet according to PincusCo analysis of city data. The loan price per built square foot is $131 per the PincusCo analysis.

(421248572)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 108 residential units on January 9, 2018.
The owners according to the Department of Housing Preservation and Development includes Joseph Rooney, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and Boulevard Leasing Limited Partnership.
Within a 400-foot radius of 97-45 Queens Boulevard, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on August 5, 2020 for a 20,531-square-foot R-2 building with 23 residential units residential units at 97-30 64th Avenue.
One of those two items was a loan which LeFrak borrowed $20 million from BankUnited secured by the 307,297-square-foot, one-unit office building (O6) on 97-77 Queens Boulevard on March 24, 2020.

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