Circle F Capital borrows $7M from Dime Community Bank for property in Long Island City

Circle F Capital through the entity 47-01 Vernon, LLC as borrower signed a loan agreement with lender Dime Community Bank valued at $6.8 million for 47-01 Vernon Boulevard in Long Island City. The deal closed on September 10, 2019 and was recorded on September 20, 2019.
The property contains a total of 2,000 square feet of built space and is the tax class 1-story office building (O1). The property has 13,000 square feet of available development rights.
The average loan per buildable square foot is $456.
The last time the property sold was November 15, 2018, for $6,050,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 14,998 square feet. Those plans include a total of 15 residential or hotel units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link