Rabsky Group borrows $98M from Arbor Realty Trust for property in Long Island City

Rabsky Group through the entity Crescent & 27 LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Realty Sr, Inc. valued at $98.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 195 residential units at 42-22 27th Street in Long Island City. The deal closed on January 29, 2021 and was recorded on February 10, 2021.
The property contains a total of 141,077 square feet of built space.
The average loan per unit is $502,564.
The financing pays off an $82 million loan from Bank Leumi and includes a $16 million gap loan. The last time the property sold was June 2, 2015 for $39,000,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $25,100.

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