Joel Shafran borrows $18M from Tristate Capital Bank for homeless shelter in College Point

Joel Shafran through the entity 127-03 20th Ave LLC as borrower signed a loan agreement with lender Tristate Capital Bank valued at $18.0 million for a homeless shelter at 127-03 20th Avenue in College Point. The deal closed on February 20, 2020 and was recorded on February 25, 2020.
The property contains a total of 42,208 square feet of built space.
The average loan per buildable square foot is $426.
The last time the property sold was March 6, 2018, for $12,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 16 residential units on August 20, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,783,975. Those filings sought to increase the number of residential units by 16 to 16 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $174,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link