Verv Capital pays $12.7M to Michael Palmateer for office building in Astoria

Verv Capital through the entity 3175 23rd Verv LLC paid $12.7 million to Michael Palmateer through the entity Health Insurance Plan Of Greater New York for office building (O7) at 31-75 23rd Street in Astoria, Queens.
The deal closed on July 9, 2021 and was recorded on July 27, 2021.
The property has 36,515 square feet of built space and 2,608 square feet of additional air rights for a total buildable of 39,126 square feet according to PincusCo analysis of city data. The sale price per built square foot is $349 and the price per buildable square foot is $325 per the PincusCo analysis.
The signatory for Michael Palmateer was Michael Palmateer. The signatory for Verv Capital was Edward Cohen.
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 $205,140.
Within a 400-foot radius of 31-75 23rd Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on December 3, 2020 for a 11,698-square-foot R-2 building with 10 residential units residential units at 23-09 Broadway.
Of those three items, two were loans above $5 million totaling $62.1 million. The most recent of the two was Payam P. Moradof which borrowed $7.1 million from Valley National Bank secured by the 39,988-square-foot, 42-unit rental (D6) on 21-34 Broadway on April 28, 2020.

Direct link to Acris document. link