These Are The Best Home Loans In The Outer Borough Of New York In May

Clockwise from top left: 42-10 27th St, Long Island City; Flatbush Gardens, Brooklyn; and 148-10 and 148-18 Guy R Brewer Boulevard, Queens (Google Maps)

The dollar volume for the outer boroughs highest lending edged up last month, but was still the second lowest total this year.

The top 10 loans totaled $ 828 million in May, the second full month of strict limits on business activity. It was 20 percent more than in April totally lamentable $ 689 million, but still lower than January, February and March totals.

The biggest deal last month was $ 329 million for Clipper Equity’s Flatbush Gardens, followed by $ 139 million for a Seagis Property Group project in Queens. None of the month’s other loans broke the $ 100 million mark.

The 10 biggest loans in May in the four boroughs outside of Manhattan included seven projects in Brooklyn and three projects in Queens.

The complete list:

1. Clipper Vessel | $ 329 million
David Bistricer’s Clipper Equity received this loan from the New York Community Bank for his Flatbush Gardens complex in Brooklyn. The 12-year loan paid off the property’s $ 246 million mortgage – which Clipper received from the same bank in 2018 – and provided Clipper with $ 78 million in cash to add to his stash, according to Crain’s. The residential complex includes 2,500 rent-stabilized apartments spread over 59 buildings. Clipper bought it for $ 138.2 million in 2005 through Renaissance Equity Holdings.

2. Separate the Red Seagis | $ 139 million
Seagis Property Group received this loan from Nuveen for 148-10 and 148-18 Guy R Brewer Boulevard near John F. Kennedy International Airport in Queens. The two-story industrial property spans 13,000 square feet, according to the city.

3. The Merchant Bank of Venice | $ 65.6 million
The Merchants Bank of Indiana has loaned Camber Property Group $ 65.6 million for its purchase of eight affordable housing units in Flatbush. The buildings are located on Linden Boulevard, East 21st Street, East 18th Street and Ocean Avenue. They span approximately 451,000 square feet and contain 384 residential units in total, according to PincusCo. Camber has spent around $ 82 million on the properties and plans to keep all residential units affordable.

4. The king of the Lions group | $ 65 million
Lions Group, run by the Shirian family, secured this loan from Greystone for 42-10 27th Street in Long Island City. The residential building is known as One LIC and has 20 floors and 110 apartments, according to StreetEasy.

5. Gandalf the Gray Stone | about. $ 58.4 million
Greystone made his second appearance on the list thanks to his loan to the Center Management Group for a retirement home at 155 Dean Street in Boerum Hill. The facility, known as the Hopkins Center for Rehabilitation and Healthcare, contains 288 residential units over 135,000 square feet, according to PincusCo.

6. Fortis Knox | $ 40 million
A subsidiary of Fortis Property Group received this loan from the United People’s Bank for the Buena Vida continuing care and rehabilitation center at 48 Cedar Street in Bushwick. The facility opened in 2001 and has 240 beds. It is eight stories tall and spans 131,650 square feet, according to the city.

7. National Bank of Silicon Valley | $ 38 million
Valley National Bank loaned Joseph Banda $ 38 million for 199 Montrose Avenue, a multi-family project in Williamsburg. The financing includes an $ 18 million loan. The Ministry of Buildings issued a temporary occupancy certificate for the 55-unit project in December.

8. Perfect 10th Street | about. $ 35.1 million
Rabsky Group obtained this loan from Berkadia Commercial Mortgage for the Driggs, the company’s luxury rental property at 220 North 10th Street in Williamsburg. The six-story building contains 234 rental units, with rents ranging from $ 2,860 for a one-bedroom to $ 5,723 for a three-bedroom, according to StreetEasy.

9. Daycare dollars | $ 32.5 million
The Yeled V’Yalda Early Years Center secured this loan from Citibank for its main office and learning center on 38th Street in Borough Park. The center offers programs including Head Start, special education services and mental health services.

10. United we are building | $ 25 million
The last loan in June went to Chris Xu’s United Construction and Development Group. Bank Hapoalim’s loan is for 131-01 Roosevelt Avenue, which is part of a development site in Flushing for which Xu contracted in 2016 for over $ 100 million.

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