Acropolis Gardens cooperative signs $68.5M refi loan with Citibank for in Ditmars Steinway

Acropolis Gardens cooperative through the entity Acropolis Gardens Realty Corp. as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $68.5 million for the 617-unit cooperative property at 21-68 35th Street in Ditmars Steinway, Queens.
The deal closed on October 26, 2022 and was recorded on November 2, 2022. The prior lenders were CSAIL 2017-CX9 and Lawrence Bernstein which held debt that had original loan amounts of $52.7 million. The property has 430,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $159 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 Acropolis Gardens cooperative was Michael Lydon. The signatory for Citibank was Anna Gutteridge. The prior financing was from Lawrence Bernstein who provided a loan of about $7 million and CSAIL $45 million.

The property

The 21-68 35th Street parcel has a total lot size of 430,000 square feet. The city-designated market value for the property in 2022 is $37.6 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $13.5 million money judgment concerning a malfeasance filed on October 29, 2021. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

There are no active new building construction projects on this tax block.

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