S.W. Management signs $8.5M refi with Signature Bank for rental in Flushing

S.W. Management through the entity 36-25 Parsons Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $8.5 million for the 67-unit rental (D7) at 36-25 Parsons Boulevard in Flushing, Queens.
The deal closed on July 28, 2021 and was recorded on August 3, 2021.
The property has 57,620 square feet of built space and 0 square feet of additional air rights for a total buildable of 32,440 square feet according to PincusCo analysis of city data. The loan price per built square foot is $147 per the PincusCo analysis. (The price per foot analysis is simply the sale price divided by square feet as reported in public records and assumes no air rights have been sold.)

The owner bought the property on 18-Nov-04, for $6 million.
The signatory for S.W. Management was Alan Wasserman.

The owners according to the Department of Housing Preservation and Development includes Stuart Berger, head officer and Vesna Stamm, site manager. The business entity is 36-25 Parsons Realty Llc.

Within a 400-foot radius of 36-25 Parsons Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on July 16, 2021 for a 213,270-square-foot residential R-2 building with 132 residential units residential units at 144-49 Northern Boulevard.
One of those two items was a loan which Yu Liu borrowed $13.5 million from Nw 141-57 Nb Lender LLC secured by the 14,200-square-foot, two-unit office building (O5) on 141-57 Northern Boulevard on March 4, 2021.

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