Saxony Towers Realty Corp borrows $15M from NCB for property in Jackson Heights

Saxony Towers Realty Corp as borrower signed a loan agreement with lender National Consumer Cooperative Bank valued at $15.3 million for 4 parcels, including the tax class cooperative (D4) and containing 330 residential units at 88-10 34th Avenue, 87-10 34th Avenue, 87-09 34th Avenue, 88-11 34th Avenue in Jackson Heights. The deal closed on September 30, 2019 and was recorded on October 9, 2019.
The property contains a total of 73,800 square feet of built space. The property has 43,470 square feet of available development rights.
The average loan per unit is $46,212.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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