Bridges Development gets $10.5M construction loan from Metropolitan Commercial for parcel in Maspeth

Bridges Development Group through the entity Maurice Avenue Shoppes LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $10.5 million for 2 parcels, including the tax class non-residential vacant at 59-19 Maurice Avenue, 59-01 Maurice Avenue in Maspeth. The deal closed on September 22, 2020 and was recorded on October 8, 2020.

This is a new construction and acquisition loan.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 136,084 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link