Philips International nearly triples debt to $30M for shopping center in Astoria

Philips International through the entity 3500 48th Street Owner LLC as borrower signed a loan agreement with lender Oceanfirst Bank valued at $30 million for 1 parcel, including the tax class shopping center with parking facilities (K6) at 35-00 48th Street in Astoria. The deal closed on September 30, 2020 and was recorded on October 17, 2020. The shopping center is known as Plaza 48.
The property contains a total of 124,564 square feet of built space. The property has 298,609 square feet of available development rights.
The average loan per buildable square foot is $100.
The debt was nearly tripled with a $22.4 million gap loan added to the remainder of debt that had a maximum value of $12.9 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 29, 2014.
Over the past five years, there have been 16 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 $550,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $4,846,405.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Carlo Alibrandi