Joseph Grgas borrows $10M from BNB Bank for new residential construction in Astoria

Joseph Grgas through the entity 25-77 31st Street LLC as borrower signed a loan agreement with lender BNB Bank valued at $10 million for 2 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 25-79 31st Street, 25-77 31st Street in Astoria. The deal closed on March 19, 2020 and was recorded on June 9, 2020.
There has been one new building permit application totaling 19,678 square feet. Those plans include a total of 23 residential units.

The last time the property sold was December 5, 2018, for $4,600,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $50,000. 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