Pillar Property obtained financing of $14M from Bank of Hope

Pillar Property through the entity 1520 Central Avenue Realty LLC as borrower signed a loan agreement with lender Bank of Hope valued at $14.3 million for 1 parcel, including the tax class fireproof warehouse (E1) at 15-20 Central Avenue in Far Rockaway. The deal closed on August 20, 2019 and was recorded on September 04, 2019.
The property contains a total of 41,850 square feet of built space. The property has 22,123 square feet of available development rights.
The average loan per buildable square foot is $224.

Over the past five years, there have been 2 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 $6,500,000.There has been one new building permit application totaling 58,701 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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