Hyde Park Owners Corp. signs $32.5M refi loan with Citibank for co-op in Flushing

Hyde Park Owners Corp. through the entity Hyde Park Owners Corp. as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc valued at $32.5 million for four clusters of walk-up co-ops including the 280-unit co-op (C6) at 69-42 Jewel Avenue in Flushing, Queens, 176-unit co-op (C6) at 135-01 Jewel Avenue in Flushing, Queens, and 210-unit co-op (C6) at 136-51 Park Drive East in Flushing, Queens.
The deal closed on November 5, 2021 and was recorded on November 22, 2021.
The four properties have 618,332 square feet of built space and 14,788 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $52 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Hyde Park Owners Corp. was D. Lavelda Davis.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $186,250.
The owners according to the Department of Housing Preservation and Development includes Carol Sorensen, head officer and Lorraine Barbara, officer. The business entity is Hyde Park Owners Corp.
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