Jewel Saeed gets $7.7M construction loan from Investors Bank for 23-unit project in Astoria

\Jewel Saeed through the entity 21 Lic Dev LLC as borrower signed a new construction loan agreement with lender Investors Bank valued at $7.7 million for 1 parcel, including the tax class light manufacturing building (F5) at 31-05 21st Street in Astoria. The deal closed on August 17, 2020 and was recorded on August 25, 2020.

This is a 23-unit project. The last time the property sold was December 22, 2016, for $2,750,000.

Over the past five years, there have been 5 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 $229,200.There has been one new building permit application totaling 11,111 square feet. Those plans include a total of 23 residential units. 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