LGA HOSPITALITY obtained financing of $34M from 112-16 ASTORIA BOULEVARD ML FUNDING

LGA HOSPITALITY LLC as borrower signed a loan agreement with lender 112-16 ASTORIA BOULEVARD ML FUNDING LLC valued at $34.2 million for 1 parcel, including the tax class gas station without enclosed lubrication plant or workshop (G5) at 112-24 Astoria Boulevard in East Elmhurst. The deal closed on June 18, 2019 and was recorded on July 11, 2019.
The property contains a total of 47,400 square feet of built space. The property has 47,400 square feet of available development rights.
The average loan per buildable square foot is $721.
The last time the property sold was April 30, 2014, for $5,610,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $35,000. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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