AB Capstone borrows $11M from Lighthouse Capital for office conversion in Long Island City

Meir Babaev’s AB Capstone through the entity Baba LLC D/B/A 38-27 Baba LLC as borrower signed a loan agreement with lender Lighthouse Capital through the entity LSC 38-27 30th LLC valued at $11 million for 1 parcel, including the tax class museum (P7) at 38-27 30th Street in Long Island City. The deal closed on February 20, 2020 and was recorded on February 21, 2020.
The property contains a total of 25,000 square feet of built space.
The average loan per buildable square foot is $440.
Peter F. Cervinka’s Cerco Funding through the entity Astoria Partners LLC, assigned $10 million in debt to Lighthouse Capital. The last time the property sold was August 10, 2016, when Babaev bought it for $7,100,000, however at the same time as the refinancing, the ownership changed from one Babaev entity to another.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $134,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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