Copperline Partners borrows $18M for Briarwood rental that family has owned for more than 60 years

The Schlesinger family’s Copperline Partners through the entity Queens Chadwick Company Limited Partnership as borrower signed a loan agreement with lender Signature Bank valued at $18 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 121 residential units at 143-10 Hoover Avenue in Briarwood. The deal closed on June 17, 2020 and was recorded on July 9, 2020.
The property contains a total of 116,841 square feet of built space.
The average loan per unit is $148,760.
The Schlesinger family has owned the building since it was constructed in 1958. The financing includes a $4.8 million gap loan.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $93,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link