Michail Litvin, Mark Weiss borrow $6.5M from Dime for commercial property in Ozone Park

Michail Litvin and Mark Weiss through the entity Citta Financial Services, Inc. (and another LLC) as borrower signed a loan agreement with lender Dime Community Bank valued at $6.5 million for 1 commercial parcel, including the tax class fireproof warehouse (E1) at 97-08 Rockaway Boulevard in Ozone Park. The deal closed on May 27, 2020 and was recorded on June 11, 2020.
The property contains a total of 21,689 square feet of built space. The property has 22,131 square feet of available development rights.
The average loan per buildable square foot is $294.
The owners obtained a $3 million gap mortgage as part of the financing. The last time the property sold was March 4, 2016, for $4,300,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 29, 2018.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $570,657. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,203,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link