Leon Silverman borrows $16M from Nationwide Life Insurance Company for commercial property in Queens

Leon Silverman through the entity Silnor #2 Lp as borrower signed a loan agreement with lender Nationwide Life Insurance Company valued at $16.0 million for 2 parcels, including the tax class heavy manufacturing, fireproof building (F1) at 32-35 48th Avenue, 32-36 47th Avenue in Queens. The deal closed on May 8, 2020 and was recorded on May 18, 2020.
The property contains a total of 206,000 square feet of built space.
The average loan per buildable square foot is $41.

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 $500,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link