A&E Real Estate borrows $26M from Signature Bank to refi multifamily property in Flushing

A&E Real Estate through the entity 34-15 Parsons Blvd, LLC as borrower signed a loan agreement with lender Signature Bank valued at $25.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 175 residential units at 34-15 Parsons Boulevard in Flushing. The deal closed on April 15, 2020 and was recorded on April 22, 2020.
The property contains a total of 191,330 square feet of built space. The property has 208,272 square feet of available development rights.
The average loan per unit is $145,714.
This is the first property A&E has refinanced in New York City since December, according to PincusCo data.A&E is one of the largest multifamily owners in the city with approximately 10,000 units. The prior debt provided by Capital One was $28.9 million. The last time the property sold was January 29, 2018, for $30,977,980.

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 $52,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link