Lightstone Group borrows $52M from NYC’s Housing Development Corp. for redevelopment in Rockaway Park

Lightstone Group through the entity Drc Realty Associates LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $52.2 million for the rehabilitation of the 376-unit 320 Beach 100th Street in Rockaway Park. The deal closed on September 26, 2019 and was recorded on October 16, 2019.
The property contains a total of 485,077 square feet of built space.
The average loan per unit is $138,777.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $326,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link