BLDG Management obtained financing of $37M from Santander Bank

BLDG Management through the entity Bldg Hh Superior LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $36.8 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 240 residential units at 245-10 Grnd Cntrl Pkwy Sr S, 249-18 Grnd Cntrl Pkwy Sr S in Glen Oaks. The deal closed on July 24, 2019 and was recorded on July 31, 2019.
The property contains a total of 637,146 square feet of built space. The property has 373,263 square feet of available development rights.
The average loan per unit is $153,333.
The last time the property sold was May 25, 2011, for $57,750,000.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $400,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $918,720.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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