Sitex Group borrows $15M from CIBC Bank for property in Queens

Sitex Group through the entity Hunters Point SG, LLC as borrower signed a loan agreement with lender CIBC Bank USA valued at $15.0 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 27-10 49th Avenue in Queens. The deal closed on October 8, 2019 and was recorded on October 15, 2019.
The property contains a total of 33,266 square feet of built space. The property has 43,279 square feet of available development rights.
The average loan per buildable square foot is $196.
The last time the property sold was April 10, 2018, for $12,000,000. LoanCore Capital assigned the existing debt to CIBC.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $355,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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