Irving Langer borrows $12M from Capital One to refi multifamily property in Far Rockaway

Irving Langer through the entity 407 Beach 20 Associates L.P. as borrower signed a loan agreement with lender Capital One valued at $12.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 82 residential units at 20-02 Elk Drive in Far Rockaway. The deal closed on March 24, 2020 and was recorded on March 27, 2020.
The property contains a total of 73,806 square feet of built space.
The average loan per unit is $151,159.
The last time the property sold was March 7, 2014, for $9,400,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 75 residential (or hotel) units on January 29, 2020.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $21,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link