Bluestone Organization signs $18.5M refi for two rentals in Rego Park

The Bluestone Organization through the entity Austin Hills Realty, LLC as borrower signed a refi loan with lender New York Community Bank valued at $18.5 million for two rentals including the 66-unit rental (D1) at 66-02 Austin Street in Rego Park, Queens and 66-unit rental (D1) at 65-90 Austin Street in Rego Park, Queens.
The deal closed on September 23, 2021 and was recorded on October 13, 2021.
The two properties have 115,200 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $160 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Bluestone Organization was Ira Lichtiger.

The owners according to the Department of Housing Preservation and Development includes Eric Bluestone, head officer and Ira Lichtiger, officer. The business entities are N H E Management Assoc Llc and Austin Hills Realty Llc.

Within a 400-foot radius of 66-02 Austin Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $23 million. The most recent of the two was LeFrak which borrowed $7 million from TD Bank secured by the 275,197-square-foot, 288-unit rental (D3) on 98-01 67th Avenue on June 16, 2021.

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