Triangle Equities borrows $87M from CIT Bank for construction in South Ozone Park

Lester Petracca’s Triangle Equities through the entity South Conduit Property Owner LLC as borrower signed a construction loan agreement with lender CIT Bank valued at $87 million for 1 parcel, including the tax class licensed parking lot (G6) at 149-21 130th Street in South Ozone Park. The deal closed on January 22, 2020 and was recorded on January 31, 2020.
The property has 237,756 square feet of available development rights.
The average loan per buildable square foot is $286.
The last time the property sold was February 8, 2018, for $24,850,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 233,091 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