Moshe Piller’s MP Management borrows $16M from Flushing Bank for commercial property in Kensington

Moshe Piller’s MP Management through the entity 13th Avenue Retail Holdings 35, LLC as borrower signed a loan agreement with lender Flushing Bank valued at $15.5 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 4502 13th Avenue in Kensington. The deal closed on October 29, 2019 and was recorded on November 14, 2019.
The property contains a total of 33,919 square feet of built space.
The average loan per buildable square foot is $457.
The last time the property sold was August 11, 2014, for $5,200,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 3, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,689,869. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,248,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link