Kamali Organization borrows $7M from Lakeland Bank for property acquisition in College Point

Bahram “Barry” Kamali’s Kamali Organization through the entity CP Waterfront Property LLC as borrower signed a loan agreement with lender Lakeland Bank valued at $6.9 million for 2 parcels, including the tax class nursing home (I6) at 119-19 Graham Court, 119 Street in College Point. The deal closed on February 4, 2020 and was recorded on February 25, 2020.
The property contains a total of 80,703 square feet of built space. The property has 100,371 square feet of available development rights.
The average loan per buildable square foot is $68.

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 $48,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link