New Empire Real Estate Development obtained financing of $26M from Whitehorse Onshore Credit Opportunities I, LLC

New Empire Real Estate Development through the entity 3714 Lic Development LLC as borrower signed a loan agreement with lender Whitehorse Onshore Credit Opportunities I, LLC valued at $25.5 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 37-12 34 Street in Long Island City. The deal closed on August 09, 2019 and was recorded on August 28, 2019.
The property contains a total of square feet of built space. The property has 58,500 square feet of available development rights.
The average loan per buildable square foot is $437.
This newly recorded debt appearst to be a portion of a $45 million debt package reported to be provided by SPG Capital Partners. The last time the property sold was June 07, 2017, for $16,500,000.

Over the past five years, there have been 3 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 $275,000.There has been one new building permit application totaling 71,399 square feet. Those plans include a total of 77 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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