William J. Colgan refis $16.5M with Provident Bank for office property in Rockaway Park

William J. Colgan through the entity 105 Rockaway Realty LLC as borrower signed a loan agreement with lender Provident Bank valued at $16.5 million for 1 parcel, including the tax class office building with two to six stories (O2) at 105-38 Rockaway Beach Boulevard in Rockaway Park. The deal closed on February 16, 2021 and was recorded on March 3, 2021.
The property contains a total of 50,490 square feet of built space. The property has 130,625 square feet of available development rights.
The average loan per buildable square foot is $126.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on March 29, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 49,228 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link