Triangle Equities borrows $23.8M from Provident Bank for properties in Queens

Triangle Equities borrowed $23.8 million from Provident Bank secured by two properties in Queens in two separate transactions.

In the first, Triangle Equities through the entity Triangle Equities/Whitestone Dmv Company, LLC as borrower signed a loan agreement with lender Provident Bank valued at $15 million for 1 parcel, including the tax class office building with two to six stories (O2) at 30-56 Whitestone Expressway in College Point, Queens. The deal closed on January 29, 2021 and was recorded on February 5, 2021.
The property contains a total of 57,834 square feet of built space.
The average loan per buildable square foot is $260.
Lester Petracca, who signed for Triangle, is president and CEO of the firm.
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 4 renovation/alteration projects (A2) applied for with a total estimated value of $279,000.

Direct link to Acris document. link

In the second, Triangle Equities through the entity Rockaway Triangle Associates/Jamaica Dmv Company L as borrower signed a loan agreement with lender Provident Bank valued at $8.8 million for 1 parcel, including the tax class office building with two to six stories (O2) at 168-35 Rockaway Boulevard in Springfield Gardens, Queens. The deal closed on January 29, 2021 and was recorded on February 5, 2021.
The property contains a total of 39,000 square feet of built space.
The average loan per buildable square foot is $225.
Tracy Petracca, the signatory for this loan, and Lester Petracca were married in 1983.
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 $194,000.

Direct link to Acris document. link