Posted Dec 11, 2023, 9:21 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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https://www.pincusco.com/related-com...willets-point/
Related Companies signs $430.8M construction loan for development in Willets Point
December 7, 2023
Quote:
Related Companies through the entity Willets Point Phase I Housing Development Fund as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $430.8 million for three parcel development site at 126-20 Willets Point Boulevard in Willets Point, Queens.
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 850,233 square feet. The largest is a new building project for a 534-unit, 521,402 square-foot R-2 building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a new building project for a 347-unit, 328,831 square-foot R-2 building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and it has not been permitted yet.
The deal closed on November 21, 2023 and was recorded on December 6, 2023. The three properties have zero square feet of built space and 356,724 square feet of additional air rights for a total buildable of 356,724 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $1,207 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Related Companies was Frank Monterisi.
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