Glacier Equities pays $22.5M for 62 condos in Flushing, gets $21.5M financing

Glacier Equities through the entity Northern Lights Apartments, LLC paid $22.5 million to RockFarmer Properties through the entity Enimon Realty Corp. for 62 condo (SC) units at 148-09 Northern Boulevard in Flushing, Queens, condo (SC) at 148-09 Northern Boulevard in Flushing, Queens, and condo (SC) at 148-09 Northern Boulevard in Flushing, Queens.
PincusCo reported this sale earlier this month shortly after the transaction closed.
The deal closed on May 3, 2021 and was recorded on May 21, 2021.
At the same time, Glacier obtained financing totaling $21.5 million composed of about $2.5 million refinanced, just under $15 million in a gap loan and a $4 million building loan.
The 61 properties have 62,813 square feet of built space and 0 square feet of additional air rights for a total buildable of 0 square feet according to PincusCo analysis of city data. The sale price per built square foot is $350 per the PincusCo analysis.
The signatory for RockFarmer Properties was George Michelis. The signatory for Glacier Equities was Myles Horn.
(420183839)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 86 residential units on July 25, 2014.

Direct link to Acris document. link

Glacier Equities through the entity Northern Light Apartments LLC as borrower signed a acquisition loan with lender Equitrust Life Insurance Company through the entity Equitrust Life Insurance Company valued at $21.5 million for 62 condos including the condo (SC) at 148-09 Northern Boulevard in Flushing, Queens, condo (SC) at 148-09 Northern Boulevard in Flushing, Queens, and condo (SC) at 148-09 Northern Boulevard in Flushing, Queens.
The deal closed on May 3, 2021 and was recorded on May 21, 2021.
The 62 properties have 63,711 square feet of built space and 0 square feet of additional air rights for a total buildable of 0 square feet according to PincusCo analysis of city data. The loan price per built square foot is $337 per the PincusCo analysis.
The signatory for Glacier Equities was Myles Horn. The signatory for Equitrust Life Insurance Company was Fein.
(420183839)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 86 residential units on July 25, 2014.

Direct link to Acris document. link