Werber Management borrows $16M from Signature Bank for property in Astoria

Benjamin Werber’s Werber Management through the entity 2856 Astoria LLC as borrower signed a loan agreement with lender Signature Bank valued at $16.0 million for 1 parcel, including the tax class two-story or store and office (K2) at 28-56 Steinway Street in Astoria. The deal closed on December 27, 2019 and was recorded on January 17, 2020.
The property contains a total of 37,334 square feet of built space. The property has 57,137 square feet of available development rights.
The average loan per buildable square foot is $280.
The last time the property sold was August 14, 2014, for $32,000,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $505,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link