Phipps Houses obtained financing of $224M from NYC Housing Development Corp. and others

Phipps Houses through the entity APEX PLACE ASSOCIATES, L.P. as borrower signed a loan agreement with lender NYC Housing Development Corp. valued at $224.2 million for 3 parcels, including the tax class commercial real estate (CR) at 62 Drive in QUEENS. The deal closed on June 27, 2019 and was recorded on July 11, 2019.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $2,550,000. There has been one new building permit application totaling 131,889 square feet. Those plans include a total of 115 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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