Park Construction signs $22.7M construction loan for development in Astoria

Park Construction Corp. through the entity 37-26 30th Street LLC as borrower signed a new construction loan with lender Investors Bank valued at $22.7 million for two development sites including the development site (V1) at 37-24 30th Street in Astoria, Queens and development site (V1) at 37-28 30th Street in Astoria, Queens.
The deal closed on August 6, 2021 and was recorded on September 17, 2021.

The signatory for Park Construction Corp. was Robert Cerrone.
(420666023) Plans for a 32-unit, 23,359 square-foot R-2 were filed on June 22, 2019 and were permitted on August 24, 2020.
Robert Cerrone is president of Park Construction Corp.
There was a condominium project filed with the address 37-24 30th Street and the name Moderna I Condominium on March 16, 2021. The principals of the sponsor, 37-26 30th Street Llc, were Robert Cerrone and Bruno Cerrone. link

Within a 400-foot radius of 37-24 30th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, four were in new building development. There were one new building permit application and three new building permits. The most recent of these four items was a filing on September 10, 2021 for a 39,427-square-foot R-2 building with 47 residential units at 29-05 38th Avenue.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $742,930.0. The most recent of these two items was the filing on March 19, 2021 for a 3,732-square-foot B building with one residential units at 38-29 30th Street.
Of those nine items, two were sales above $5 million totaling $17.5 million. The most recent of the two was Zehao Fang which bought the 7,980-square-foot, two-unit industrial (G1) on 29-05A 38th Avenue for $9.2 million from Theodore Avdoulos on November 6, 2020.
One of those nine items was a loan which Slate Property Group borrowed $54.8 million from Centennial Bank secured by the N/A-square-foot, 198-unit rental (D6) on 30TH Street and one other property on October 19, 2020.

Direct link to Acris document. link