Castellan sells $13M note secured by 118-unit Jamaica rental

The entity JY Quaheens LP bought a note with an original principal of $13 million from Castellan Real Estate Partners secured by Rajmattie Persaud’s 118-unit rental (D7) at 87-40 165th Street in Jamaica, Queens. Castellan made the loan in 2019.
The deal closed on April 23, 2021 and was recorded on May 13, 2021.
The property has 121,138 square feet of built space and 25,715 square feet of additional air rights for a total buildable of 146,948 square feet according to PincusCo analysis of city data.
The owner bought the property on 3-May-19, for $15.8 million.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000.

The owners according to the Department of Housing Preservation and Development include Rajmattie Persaud, head officer and Karan Singh, officer. The business entity is 87-40 165th Street, LLC.

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