LBA Realty signs $19.2M initial loan with Bank of America for industrial in Maspeth

LBA Realty through the entity LBA Or Core-Company Iv, LLC as borrower signed a initial loan with lender Bank of America valued at $19.2 million for the industrial (Z9) at 58-38 47th Street in Maspeth, Queens.
The deal closed on September 30, 2021 and was recorded on October 21, 2021.
The property has 7,500 square feet of built space and 171,855 square feet of additional air rights for a total buildable of 179,016 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,556 and the price per buildable square foot is $107 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 3, 2020, for $26 million.
The signatory for LBA Realty was Perry Schonfeld.

LBA Realty bought the parcel for $26 million in June 2020 and at the time took out no debt. This is the first loan LBA is taking on the property.
Within a 400-foot radius of 58-38 47th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $11.3 million. The most recent of the two was Anthony Tristani which borrowed $5.3 million from Investors Bank secured by the 37,575-square-foot, one-unit industrial (E1) on 58-35 47th Street on June 29, 2021.

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