Marx Development Group obtained financing of $67M from Mack Real Estate Credit Strategies

Marx Development Group through the entity Utopia Realty, L.L.C. as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity Cmtg Lender 44 LLC valued at $67.0 million for 2 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 159-10 71st Avenue, 160 Street, 159 Street in Flushing. The deal closed on July 31, 2019 and was recorded on August 20, 2019.
The property contains a total of 257,918 square feet of built space. The property has 257,918 square feet of available development rights.
The average loan per buildable square foot is $260.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.