Bayside co-op Towers at Water’s Edge signs $16.5M refi loan with Valley National Bank

Towers at Water’s Edge through the entity 18-05 215th Street Owners Inc as borrower signed a refi loan with lender Valley National Bank valued at $16.5 million for the 289-unit co-op (D4) at 18-05 215th Street in Bayside, Queens.
The deal closed on May 14, 2021 and was recorded on May 28, 2021.
The property has 328,560 square feet of built space and 0 square feet of additional air rights for a total buildable of 313,750 square feet according to PincusCo analysis of city data. The loan price per built square foot is $50 per the PincusCo analysis.
The owner bought the property on 30-Dec-20, for $450,000.
The signatory for Towers at Water’s Edge was Jeffrey Futoran. The signatory for Valley National Bank was Terrence J. McArdle.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $66,665.
The building obtained a gap loan of $3.5 million. The building is managed by the Lovett Group.

Direct link to Acris document. link