RiverBrook Equities borrows $13M from Bank of America for hotel property in Jamaica

RiverBrook Equities through the entity 147th Place LLC as borrower signed a loan agreement with lender Bank Of America, N.A. valued at $13.1 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 97-24 147th Place in Jamaica. The deal closed on January 30, 2020 and was recorded on February 11, 2020.
The property contains a total of 20,626 square feet of built space. The property has 37,530 square feet of available development rights.
The average loan per buildable square foot is $349.
The last time the property sold was May 12, 2016, for $2,500,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 20,626 square feet. Those plans include a total of 59 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link