Nick Gavalas borrows $6.5M from Alma Bank for multifamily property in Astoria

Nick Gavalas through the entity Associates 21 LLC as borrower signed a loan agreement with lender Alma Bank valued at $6.5 million for 9 parcels, including the tax class primarily four family with store or office (S4) and containing 32 residential units at 21-37 21st Avenue, 21-35 21st Avenue, 21-33 21st Avenue, 21-31 21st Avenue, 21-29 21st Avenue, and others in Astoria. The deal closed on May 28, 2020 and was recorded on May 29, 2020.
The property has 46,485 square feet of existing and available development rights.
The average loan per unit is $203,125.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $99,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link