Bruman Realty signs $41M loan for 99-unit new building in Astoria

Bruman Realty through the entity 4th Street Developments LLC as borrower signed a loan with lender Citibank through the entity Citi Real Estate Funding Inc, valued at $41 million for the 99-unit building at 26-30 4th Street in Astoria, Queens.
The deal closed on April 10, 2024 and was recorded on April 12, 2024.
The owner bought the property on January 17, 2019, for $11.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three housing violations in the last year.

Development

On the lot, there is one active new building construction project for a 99-unit, 67,618 square-foot R-2 building. The project was submitted by Solomon Feder and Bruman Realty and filed by Solomon Feder with plans filed April 12, 2019 and permitted January 8, 2021.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 229,707 square feet of the 255,068 square feet. The largest owner is Baldevbhai Patel Physician P.C. Profit Sharing Pla, followed by Bruman Realty and then City Of New York.
On the tax block, there were seven new building construction projects totaling 247,408 square feet. The largest is a 58-unit, 70,118 square-foot residential (R-2) building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed April 7, 2020 and permitted August 28, 2020. The second largest is a 99-unit, 67,618 square-foot residential (R-2) building submitted by Solomon Feder|Bruman Realty and filed by Solomon Feder with plans filed April 12, 2019 and permitted December 14, 2020.

The majority, or 96 percent of the 255,068 square feet of built space are elevator buildings, with walkup buildings next occupying 3 percent of the space.

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