A&E Real Estate borrows $18.5M from Signature Bank to refi multifamily property in Jackson Heights

A&E Real Estate Holdings through the entity 94th & 95th Street JH, LLC as borrower signed a loan agreement with lender Signature Bank valued at $18.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 144 residential units at 94-02 35th Avenue in Jackson Heights. The deal closed on May 28, 2020 and was recorded on June 3, 2020.
The property contains a total of 111,648 square feet of built space.
The average loan per unit is $128,472.
A&E obtained $5.5 million in new debt through a gap loan which was consolidated with the existing $14 million in debt Signature Bank provided in 2015. The last time the property sold was October 1, 2015, when A&E bought it for $22 million.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link