Hazelton Capital Group borrows $35M from Santander Bank for new construction in Long Island City

Hazelton Capital Group through the entity Lic Owner LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $35.0 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 39-40 30th Street in Long Island City. The deal closed on December 31, 2019 and was recorded on January 17, 2020.
There has been one new building permit application totaling 70,835 square feet. Those plans include a total of 103 residential or hotel units.

The last time the property sold was March 19, 2019, for $15,200,000. Boston-based Davis Companies lent Hazelton $11.5 million an as acquisition loan in March 2019.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link