AB Capstone Development borrows $14M from Sterling National Bank for mixed-use property in Sunnyside

AB Capstone Development as borrower signed a loan agreement with lender Sterling National Bank valued at $14.0 million for 1 parcel, including the tax class retail building with apartments above (K4) and containing 10 residential units at 47-16 Greenpoint Avenue in Sunnyside. The deal closed on November 21, 2019 and was recorded on November 25, 2019.
The property contains a total of 28,153 square feet of built space.
The average loan per buildable square foot is $497.
The prior debt totaling $13 million was supplied by Lightstone Capital in April 2019, and was assigned to Sterling National Bank which added an additional $1 million gap mortgage.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $115,000.There has been one new building permit application totaling 20,215 square feet. Those plans include a total of 10 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link