Mattone Investors signs $30M refi with Bethpage for shopping center in St. Albans

Mattone Investors through the entity Mattone Group Springnex LLC as borrower signed a refi loan with lender Bethpage Federal Credit Union valued at $30 million for the retail shopping center (K6) at 184-04 Merrick Boulevard in St. Albans, Queens.
The deal closed on August 16, 2021 and was recorded on October 15, 2021.
The property has 96,071 square feet of built space and 145,892 square feet of additional air rights for a total buildable of 243,154 square feet according to PincusCo analysis of city data. The loan price per built square foot is $312 and the price per buildable square foot is $123 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 Mattone Investors was Michael X. Mattone. The signatory for Bethpage Federal Credit Union was Robert Fish.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $409,000.
Michael X. Mattone is CEO of Mattone Investors.

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