Ben Igoe’s JBS Project Management borrows $33M from Sterling National Bank, River Rock Associates for hotel development in Rockaway Park

Ben Igoe’s JBS Project Management through the entity Rockaway Hotel Owner LLC as borrower signed a loan agreement with lender Sterling National Bank and River Rock Associates through the entity GLP 1904 LLC valued at $32.5 million for 108-02 Rockaway Beach Boulevard in Rockaway Park. The deal closed on November 22, 2019 and was recorded on November 29, 2019.

The loan is composed of a $19.4 million building loan and $2.1 million project loan, both from Sterling National Bank, and an $11 million subordinate mortgage from Greenwich-based River Rock Associates.

Over the past five years, there have been 3 NYC Department of Buildings permit applications 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 $295,000.There has been one new building permit application totaling 47,837 square feet. Those plans include a total of 60 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 5 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link