Alexander Kostovetsky borrows $15M from Valley National Bank for property in Long Island City

Alexander Kostovetsky through the entity 5Th Street LIC Development Inc as borrower signed a loan agreement with lender Valley National Bank valued at $15.8 million for 2 parcels, including the tax class light manufacturing building (F5) at 5-17 47th Road and 5-17 47th Road in Long Island City. The deal closed on December 18, 2020 and was recorded on March 16, 2021.

The last time the property sold was December 18, 2020 for $6,720,000.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 4 new building permit applications Those plans include a total of 19 residential or hotel units.

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

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