Bruman Realty signs $65.9M construction loan with Slate Property Group for 165-unit project in Astoria

Bruman Realty through the entity Fourth Development Holdings LLC as borrower signed a new construction loan with lender Slate Property Group through the entity Scale 4th Astoria LLC valued at $65.9 million for the development at 26-25 4th Street in Astoria, Queens.
The deal closed on September 20, 2021 and was recorded on November 9, 2021.
(421133222) Plans for a 165-unit, 171,650 square-foot R-2 were filed on September 8, 2020.

The owner bought the property on November 2, 2020, for $14.4 million.
The signatory for Bruman Realty was Joseph Brunner.

This loan is from Scale Lending, the financing division of Slate Property Group.

Within a 400-foot radius of 26-25 4th Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were in new building development. There were three new building permits. The most recent of these three items was a permit on May 26, 2021 for a 15,271-square-foot R-2 building with 22 residential units at 26-12 4th Street.
One of those 10 items was a sale which Settlement Housing Fund bought the 136,000-square-foot, 208-unit rental (D1) on 4-21 27th Avenue for $35.0 million from Goodwill Industries on December 27, 2019.
Of those 10 items, six were loans above $5 million totaling $204.1 million. The most recent of the six was iCross Capital which borrowed $24.0 million from Community Preservation Corporation secured by the 0-square-foot development site (V1) on 3-11 27th Avenue on June 5, 2021.

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