AB Capstone signs $26.5M refi loan with Lightstone Capital for redevelopment in Astoria

AB Capstone through the entity Northern Blvd LIC LLC as borrower signed a refi loan with lender Lightstone Capital through the entity LSC 45-01 Northern Blvd LLC valued at $26.5 million for the development (F9) at 45-01 Northern Boulevard in Astoria, Queens and industrial (F9) at 34-08 46th Street in Astoria, Queens.
The deal closed on November 5, 2021 and was recorded on November 22, 2021.
The two properties have 54,180 square feet of built space and 3,240 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $489 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for AB Capstone was Meir Babaev.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $2.6 million.
The financing pays off an Argentic loan of $24.5 million and provides the new loan of $26.5 million.

Within a 400-foot radius of 45-01 Northern Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Ilias Theodoropoulos bought the 20,749-square-foot, 28-unit rental (C1) on 44-15 45th Street for $5.8 million from J. Scott Bebry on July 21, 2020.

Direct link to Acris document. link