The Real Deal New York

Alma Realty secures $55M to refi Astoria office building

Deutsche Bank is the lender for City View Plaza
By Miriam Hall | February 23, 2017 04:00PM

UPDATED, Feb. 24, 4:51 p.m.: Alma Realty locked down $55 million to refinance its office building on 33rd Street in Astoria.

Deutsche Bank provided the mortgage, according to records filed with the city Thursday. The financing consolidates new $13 million mortgage and replaces a previous $42 million loan from UBS Real Estate Securities issues in 2007.

The property at 34-46 33rd Street, Known As City View Plaza, has 193,000 square feet across five stories.

Alma Realty, a Long Island City-based development firm led by Efstathios Valiotis, had been planning to build a 2.2 million-square-foot, 1,763-unit residential complex in Astoria on 26th Avenue, but it shelved the plans last year. The company blamed the lack of 421a tax benefits, but some reports indicated the development was on shaky financial footing from the start. A source close to the project said the shortage of 421a stalled the project, adding that Alma is waiting for the reauthorization of the tax abatement program.

In August, Alma landed $60 million from Deutsche Bank for its planned residential complex at 34-46 Vernon Boulevard.

Representatives for Alma Realty and Deutsche Bank were not immediately available for comment.