LeFrak borrows $30M from Citibank in Corona for several buildings in Lefrak City

LeFrak through the entity Canada Leasing Limited Liability Company as borrower signed a loan agreement with lender Citibank valued at $30 million for 4 parcels, including the tax class multifamily, fireproof – with stores (D6) and containing 926 residential units at 97-20 57th Avenue, 97-22 57th Avenue, 97-30 57th Avenue, 97-28 57th Avenue in Lefrak City in Corona, Queens. The deal closed on December 17, 2019 and was recorded on January 30, 2020.

The average loan per unit is $50,774.
The debt includes $17 million in a gap mortgage.

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 were 3 renovation/alteration projects (A2) applied for with a total estimated value of $686,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link