John Del Marco borrows $13.5M from Flushing Bank for property in Long Island City

John Del Marco through the entity 29Th Street Associates LLC as borrower signed a loan agreement with lender Flushing Bank valued at $13.5 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 47-30 Dutch Kills Street in Long Island City. The deal closed on December 22, 2020 and was recorded on February 8, 2021.
The property contains a total of 28,300 square feet of built space.
The average loan per buildable square foot is $477.
The financing includes $6.5 million in new debt. The last time the property sold was June 25, 2004 for $1,984,402.
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