Gindi Capital, Tawil borrow $29M from Goldman Sachs for retail in Howard Beach

160-10 Cross Bay Boulevard (Credit: Google)

Gindi Capital and a Tawil family investor through the entities GC Cross Bay Realty LLC and Tawil 1031 LLC as borrowers signed a loan agreement with lender Goldman Sachs Bank USA valued at $29.0 million for 2 parcels, including the tax class shopping center with parking facilities (K6) at 160-10 Cross Bay Boulevard, 160 Cross Bay Boulevard in Queens. The deal closed on August 14, 2019 and was recorded on October 10, 2019.

Tawil 1031 LLC acquired an approximately 40 percent stake in the properties in two purchases over the past year totaling $9.9 million. Gindi Capital bought the two parcels in separate transactions in March 2016 for $24 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 27, 2013.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $752,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $6,731,876.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article