Waterfront NY Realty borrows $51M from AIG for LIC warehouse

Waterfront NY Realty through the entity NC North River 35th St LLC as borrower signed a loan agreement with lender AIG through the entity American General Life Insurance Company valued at $51 million for 2 parcels, including the tax class fireproof warehouse (E1) at 48-49 35th Street and 48-39 35th Street in Long Island City. The deal closed on March 11, 2021 and was recorded on April 7, 2021.
The property contains a total of 256,000 square feet of built space.
The average loan per buildable square foot is $199.
The financing included a $12.8 million gap loan. The last time the property sold was March 8, 2017 for $54,990,000.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,228,000.0. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $2,329,563.

Direct link to Acris document. link