Vito Gargano borrows $8M from New York Community Bank for property in Far Rockaway

Vito Gargano through the entity 100 Beach 9th LLC as borrower signed a loan agreement with lender New York Community Bank valued at $8 million for 11 parcels, including the tax class three-family (C0) and containing 33 residential units at 12-52 Beach 12th Street, 12-50 Beach 12th Street, 12-54 Beach 12th Street, 12-56 Beach 12th Street, 917 Central Avenue, and others in Far Rockaway. The deal closed on July 2, 2020 and was recorded on July 16, 2020.

The average loan per unit is $242,424.
The financing includes a $2.3 million gap loan.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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