Robert Cerrone signs $11M construction loan for 27-unit project in Astoria
Robert Cerrone through the entity Newtown Avenue Associates, LLC as borrower signed a new construction loan with lender Preferred Bank valued at $11 million for the 27-unit development at 25-23 Newtown Avenue in Astoria, Queens.
On the lot, there is one active new building construction project for a 27-unit residential (R-2) building. The project was submitted by Park Construction Corp. and filed by Robert Cerrone with plans filed November 16, 2022 and permitted February 28, 2024.
The deal closed on March 26, 2024 and was recorded on May 9, 2024.
The owner bought the property on September 9, 2022, for $4.8 million. The signatory for Robert Cerrone was Robert Cerrone.
The property
The parcel has frontage of 45 feet and is 200 feet deep with a total lot size of 9,083 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 39,835 square feet of the 118,849 square feet. The largest owner is Robert Negreira, followed by Medhat K. Mohamed and then Jerry Vlachos.
The majority, or 44 percent of the 118,849 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.
The borrower
The PincusCo database currently indicates that Robert Cerrone owned at least four commercial properties with 30 residential units in New York City with 12,610 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from TriState Capital Bank. Within the portfolio, the bulk, or 79 percent of the 12,610 square feet of built space are industrial properties, with B2 properties next occupying 21 percent of the space. They are all located in Queens.
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