RockFarmer Properties signs $8.1M refi with Greystone for three rentals in Flushing

RockFarmer Properties through the entity 189-10 37th Ave, LLC as borrower signed a refi loan with lender Greystone & Company through the entity Greystone Servicing Company LLC valued at $8.1 million for three rentals including the 18-unit rental (C1) at 189-15 37th Avenue in Flushing, Queens, 16-unit rental (C1) at 189-10 37th Avenue in Flushing, Queens, and 16-unit rental (C1) at 189-16 37th Avenue in Flushing, Queens.
The deal closed on February 11, 2021 and was recorded on July 23, 2021.
The three properties have 54,860 square feet of built space and 0 square feet of additional air rights for a total buildable of 46,305 square feet according to PincusCo analysis of city data. The loan price per built square foot is $148 per the PincusCo analysis.
The signatory for RockFarmer Properties was George Michelis.

George Michelis is the co-founder and managing principal of RockFarmer Properties.
The owners according to the Department of Housing Preservation and Development includes George Michelis, head officer and Steve Boudourakis, agent. The business entities are Douglaston Realty Mgmt C and 189-15 37th Avenue, Llc.
Within a 400-foot radius of 189-15 37th Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on October 22, 2019 for a 20,873-square-foot R-2 building with 18 residential units residential units at 36-23 172nd St.

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