McSam Hotel Group obtained financing of $10M from GOLDMAN SACHS BANK USA

McSam Hotel Group through the entity DUN 37-10 10TH STREET LLC as borrower signed a loan agreement with lender GOLDMAN SACHS BANK USA valued at $9.5 million for 1 parcel, including the tax class semi-fireproof manufacturing building (F4) at 37-02 10 Street in Long Island City. The deal closed on July 03, 2019 and was recorded on July 10, 2019.
The property contains a total of 100,000 square feet of built space. The property has 100,000 square feet of available development rights.
The average loan per buildable square foot is $95.
The last time the property sold was July 18, 2018, for $11,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 25, 2013.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel.There has been one new building permit application totaling 99,856 square feet. Those plans include a total of 385 residential or hotel units. There have been 2 demolition projects filed over the past five years.
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