Metropolitan Realty Associates obtained financing of $37M from Teachers Insurance And Annuity

Metropolitan Realty Associates through the entity Mra Hub 34 Owner, LLC as borrower signed a loan agreement with lender Teachers Insurance And Annuity valued at $36.5 million for 1 parcel, including the tax class fireproof warehouse (E1) at 4725 34th Street in Long Island City. The deal closed on August 26, 2019 and was recorded on September 10, 2019.
The property contains a total of 322,390 square feet of built space.
The average loan per buildable square foot is $113.
The last time the property sold was August 12, 2016, for $89,000,000.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $26,855,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $4,036,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article