Shibber Khan’s Criterion Group borrows $54M from New York Community Bank for development in Long Island City

Shibber Khan’s Criterion Group through the entity 3108 Northern Blvd LLC as borrower signed a loan agreement with lender New York Community Bank valued at $54.0 million for 5 parcels, including the tax class one-story, fireproof or semi-fireproof, garage (G2) at 31-08 Northern Boulevard, 31-16 Northern Boulevard, Northern Boulevard, Skillman Avenue, Northern Boulevard in Long Island City. The deal closed on November 5, 2019 and was recorded on November 20, 2019.
Khan recently purchased an additional stake valued at $18.4 million in the property.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $85,000.There has been one new building permit application totaling 248,681 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link