Faraj Srour refis Jamaica office building with $19M from New York Community

Faraj Srour through the entity 163-18 Jamaica Realty Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $19.6 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 163-18 Jamaica Avenue in Jamaica. The deal closed on January 21, 2021 and was recorded on January 28, 2021.
The property contains a total of 68,880 square feet of built space. The property has 68,880 square feet of available development rights.
The average loan per buildable square foot is $284.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $494,350.

Direct link to Acris document. link