A&E Real Estate borrows $180M from Signature Bank for Queens rentals

In the first group, A&E Real Estate Holdings through the entity 75-25 153rd Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $110 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 388 residential units at 75-25 153rd Street in Flushing. The deal closed on January 28, 2021 and was recorded on March 4, 2021.
The property contains a total of 540,916 square feet of built space.
The average loan per unit is $283,505.

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.

Direct link to Acris document. link

In the second group, A&E Real Estate Holdings through the entity 5530-5572 Netherland Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $70.0 million for 4 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 438 residential units at 5530 Netherland Avenue and 5535 Netherland Avenue in Bronx. The deal closed on January 28, 2021 and was recorded on March 4, 2021.
The property contains a total of 235,467 square feet of built space.
The average loan per unit is $159,817.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $56,900.0. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $64,550.

Direct link to Acris document. link