Harry Sussman borrows $5M against LIC land Durst seeks to develop

Harry Sussman through the entity Vernon Realty Holding, LLC as borrower signed a loan agreement with lender Vernon Capital Funding LLC valued at $5 million for 3 parcels, including the tax class zoned primarily residential, except not Manhattan below 110th Street (V3) at 44-02 Vernon Boulevard, 44-00 Vernon Boulevard in Long Island City. The deal closed on December 4, 2019 and was recorded on December 12, 2019.

The Durst Organization owns additional debt on the property and would like to develop the land. Control of the property is in litigation.

The property has 1,160,356 square feet of available development rights, according to an analysis by PincusCo.
The average loan per buildable square foot is $4.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link