Traub Capital borrows $35M from Valley National Bank to buy LIC cosmetics building

Traub Capital through the entity Mana Propco LLC as borrower signed a loan agreement with lender Valley National Bank valued at $35 million for 1 parcel, including the tax class miscellaneous manufacturing building (F9) at 27-11 49th Avenue in Long Island City. The deal closed on August 31, 2020 and was recorded on September 11, 2020.
The property contains a total of 214,820 square feet of built space.
The average loan per buildable square foot is $163.
The financing includes $23.5 million in new debt on top of the refinancing of an $11.96 million loan from 2018. Traub bought the building valued at $75 million as part of Traub’s purchase of the cosmetics company.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $955,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link