David Levitan signs $24.5M loan with Investors Bank for two properties in Elmhurst

David Levitan through 7900 Development LLC as borrower signed a loan with lender Investors Bank valued at $24.5 million for two properties including the 215-unit hotel (H9) at 79-00 Queens Boulevard in Elmhurst, Queens and another parcel (G7) at 51st Avenue in Elmhurst, Queens.
The deal closed on August 31, 2021 and was recorded on September 15, 2021.
The two properties have 88,000 square feet of built space and 48,535 square feet of additional air rights for a total buildable of 136,395 square feet according to PincusCo analysis of city data. The loan price per built square foot is $278 and the price per buildable square foot is $179 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

Within a 400-foot radius PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit application filed on December 20, 2019 for the $250,000 renovation of 7,128-square-foot B building with no residential units at 79-21 Queens Blvd.

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