Radroc LLC obtained financing of $7M from New York City Acquisition Fund LLC

Radroc LLC as borrower signed a loan agreement with lender New York City Acquisition Fund LLC valued at $7.1 million for 3 parcels, including the tax class miscellaneous NYC (department of real estate and other public places) (V9) at 10-18 Beach 20 Street, 10-25 Beach 20 Street, Cornaga Avenue in Far Rockaway. The deal closed on July 25, 2019 and was recorded on August 07, 2019.
The property contains a total of 133,341 square feet of built space. The property has 133,341 square feet of available development rights.
The average loan per buildable square foot is $53.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel.There has been one new building permit application totaling 71,724 square feet. Those plans include a total of 80 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link