Related Companies obtained financing of $19M from Sterling National Bank

Related Companies through the entity Rockaway South, L.P. as borrower signed a loan agreement with lender Sterling National Bank valued at $19.2 million for 1 parcel, including the tax class playgrounds (Q2) at Gateway Boulevard and Beach 13th Street in Far Rockaway. The deal closed on June 28, 2019 and was recorded on July 31, 2019.
The property contains a total of 47,050 square feet of built space. The property has 47,050 square feet of available development rights.
The average loan per buildable square foot is $409.

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 68,735 square feet. Those plans include a total of 63 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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