RB Realty signs $115M construction loan with Madison Realty for 130-unit project in Rego Park

RB Realty Capital as borrower signed a new construction loan with lender Madison Realty Capital through the entity 98-02 Queens Boulevard 1 LLC valued at $115 million for the 130-unit development (V1) at 98-02 Queens Boulevard in Rego Park, Queens.
The deal closed on November 17, 2021 and was recorded on December 1, 2021.
The four properties have 338,214 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $340 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RB Realty Capital was Avi Matatov. The signatory for Madison Realty Capital was Joshua Zegen.
(420664169) Plans for a 130-unit, 191,567 square-foot R-2 were filed on July 20, 2018.

Within a 400-foot radius of 98-04 Queens Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which RB Realty Capital bought the 15,500-square-foot, one-unit office building (O7) on 98-60 Queens Boulevard for $11 million from Yassky Properties on July 15, 2021.
One of those two items was a loan which RB Realty Capital borrowed $7.5 million from Yassky Properties secured by the 15,500-square-foot, one-unit office building (O7) on 98-60 Queens Boulevard on July 15, 2021.

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