MDG Design signs $10.5M rehab loan with Merchants Capital in Far Rockaway

MDG Design + Construction through the entity Rockaway III LLC as borrower signed a rehab construction loan with lender Merchants Capital Corp. valued at $10.5 million for the 43-unit co-op (D4) at 14-15 Mott Avenue in Far Rockaway, Queens.
The deal closed on April 28, 2021 and was recorded on May 13, 2021.
The property has 46,956 square feet of built space and 0 square feet of additional air rights for a total buildable of 32,010 square feet according to PincusCo analysis of city data. The loan price per built square foot is $224 per the PincusCo analysis.
The signatory for MDG Design + Construction was Matthew Rooney.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $7.5 million.
The owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Michael Rooney, Jr., agent. The business entities are Concord Management Of Ny Llc and Neighborhood Restore Hdfc.

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