AKI Development borrows $18M from CW Funding for property in Astoria

AKI Development through the entity 11-25 30th Avenue Holdings LLC as borrower signed a loan agreement with lender CW Funding through the entity CW Astoria Lender, LLC valued at $18 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 29 residential units at 11-25 30th Avenue in Astoria. The deal closed on April 1, 2021 and was recorded on April 9, 2021.
The property contains a total of 26,047 square feet of built space.
The average loan per unit is $620,690.
CW Funding was founded by Howard Wieder and is led by managing principal Seth Weis. The signatory for former lender Urban Standard Capital was Seth Weissman. The last time the property sold was February 3, 2017 for $4,000,000.
Over the past five years, there have been 6 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 $31,000.

There has been one new building permit application. Those plans include a total of 30 residential or hotel units.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link