Werber Management borrows $12M from Signature Bank to acquire retail property in Jackson Heights

Werber Management through the entity Roosevelt 72 LLC as borrower signed a loan agreement with lender Signature Bank valued at $12 million to acquire 1 parcel, including the tax class one-story store building (K1) at 72-11 Roosevelt Avenue in Jackson Heights. The deal closed on May 21, 2020 and was recorded on May 29, 2020.
The property contains a total of 21,486 square feet of built space. The property has 60,904 square feet of available development rights.
The average loan per buildable square foot is $197.
This is an acquisition loan.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 16, 2018.
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 $521,695.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link