Ira Schwartz signs $43M construction loan with Flushing Bank for storage in Arverne
Ira Schwartz through the entity 79 Arverne Development LLC as borrower signed a new construction loan with lender Flushing Bank through the entity Flushing Bank valued at $43 million for the development site (V1) at 350 Beach 79th Street in Arverne, Queens.
On the tax block, there was one new building construction project filed totaling 107,537 square feet. It is a 107,537 square-foot storage (S-1) building submitted by Uri Kaufman with plans filed May 27, 2020 and permitted December 11, 2023.
The deal closed on December 6, 2023 and was recorded on December 13, 2023.
The owner bought the property on January 11, 2018, for $5.2 million. The signatory for Ira Schwartz was Ira Schwartz.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Arverne, The bulk, or 38 percent of the 1.3 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 33 percent of the space. In sales, Arverne has the 44th highest sale turnover among other neighborhoods in Queens with $20 million in sales volume in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 563,246 square feet of commercial and multi-family construction under development in the last two years, which represents 42 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 16 commercial properties representing 34,740 square feet of the 41,204 square feet. The two identified owners are Uri Kaufman and City Of New York.
The majority, or 99 percent of the 41,204 square feet of built space are industrial buildings, with specialty buildings next occupying 1 percent of the space.
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