Riverbrook Equities borrows $23M from Bank Of America for property in Long Island City

Riverbrook Equities through the entity 38th Ave Hospitality LLC as borrower signed a loan agreement with lender Bank Of America valued at $23.2 million for the newly completed hotel at 9-02 38th Avenue in Long Island City. The deal closed on September 10, 2019 and was recorded on September 19, 2019.
The property contains a total of 44,168 square feet of built space.
The average loan per buildable square foot is $525.
The last time the property sold was October 16, 2013, for $1,900,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 111 residential (or hotel) units on August 29, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000.There has been one new building permit application totaling 38,293 square feet. Those plans include a total of 111 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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