Phoenix House signs $18.3M refi loan with Israel Discount Bank in Long Island City

Phoenix House through the entity Phoenix House Parkside, LLC as borrower signed a refi loan agreement with lender Israel Discount Bank Of New York valued at $18.3 million for four properties including the industrial (I9) at 34-25 Vernon Boulevard in Long Island City, Queens, industrial (E1) at 34-01 Vernon Boulevard in Long Island City, Queens, and industrial (W9) at 34-11 Vernon Boulevard in Long Island City, Queens.
The deal closed on March 19, 2021 and was recorded on April 27, 2021.
The four properties have 71,070 square feet of built space and 519 square feet of additional air rights for a total buildable of 71,555 square feet according to PincusCo analysis of city data. The loan price per built square foot is $257 and the price per buildable square foot is $255 per the PincusCo analysis.
The signatory for Phoenix House was Ann Marie Foster.
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.
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