Piermont Properties borrows $61M from Annaly Capital for new residential property in Hollis

Michael Grey’s Piermont Properties through the entity Greenley Hillside Delaware LLC as borrower signed a loan agreement with lender Annaly Capital Management through its Annaly CRE Lender LLC valued at $61 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 131 residential units at 178-02 Hillside Avenue in Hollis. The deal closed on December 23, 2019 and was recorded on January 22, 2020.
The property contains a total of 108,053 square feet of built space. The property has 142,653 square feet of available development rights.
The average loan per unit is $414,504.
The last time the property sold was July 22, 2014, for $10,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 131 residential units on July 11, 2019.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,160,500.There has been one new building permit application totaling 109,086 square feet. Those plans include a total of 131 residential or hotel units.
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