Durst signs $127.5M refi loan with Signature Bank for Hallets Point rentals in Astoria

The Durst Organization through the entity Hlp1 Liru LLC as borrower signed a refi loan with lender Signature Bank valued at $127.5 million for three properties including the 323-unit bulk condos (MC) at 1-02 26th Avenue in Astoria, Queens, 81-unit bulk condos (MC) at 1-02 26th Avenue in Astoria, Queens, and office building (OT) at 1-02 26th Avenue in Astoria, Queens.
The deal closed on December 20, 2021 and was recorded on January 6, 2022.
The three properties have 404,660 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $315 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.)
The signatory for Durst Organization was Lucas Durst. The signatory for Signature Bank was Aaron Greene.
(421163877)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 405 residential units on July 8, 2020. (421163877) Plans for a 405-unit, 394,095 square-foot R-2 were filed on June 11, 2015 and were permitted on December 1, 2016.
This is for a portion of the large residential complex Hallets Point.
Within a 400-foot radius of 1-02 26th Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on September 20, 2021 for a 21,450-square-foot R-2 building with 25 residential units at 26-19 2nd Street.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 2, 2020 for the $318,953.0 renovation of 23,520-square-foot R-2 building with 28 residential units at 26-27 2nd Street.

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