Gerard Owners Corp. borrows $12M from NCB for co-op in Forest Hills

Gerard Owners Corp. as borrower signed a loan agreement with lender National Consumer Cooperative Bank valued at $12.0 million for 1 parcel, including the tax class cooperative (D4) and containing 563 residential units at 70-25 Yellowstone Blvd in Forest Hills. The deal closed on October 22, 2019 and was recorded on October 24, 2019.
The property contains a total of 575,600 square feet of built space.
The average loan per unit is $21,314.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,168,530.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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