LeFrak signs $22M refi loan with TD Bank for rental in Kew Gardens

LeFrak through the entity Cadillac Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank valued at $22 million for the 210-unit rental (D6) at 123-60 83rd Avenue in Kew Gardens, Queens.
The deal closed on August 9, 2021 and was recorded on August 30, 2021.
The property has 196,393 square feet of built space and 0 square feet of additional air rights for a total buildable of 124,407 square feet according to PincusCo analysis of city data. The loan price per built square foot is $112 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 signatory for LeFrak was Arnold S. Lehman.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $3.5 million.
The owners according to the Department of Housing Preservation and Development includes Joseph Rooney, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and Cadillac Leasing Limited Partnership.

Within a 400-foot radius of 123-60 83rd Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Silver Towers cooperative borrowed $13.5 million from The Apple Bank For Savings secured by one condo unit in the 419,528-square-foot, 423-unit mixed-use building (RM) on 125-10 Queens Boulevard on July 27, 2020.

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