Massive Far Rockaway apartment complex nabs $107M loan

NYCB provided Alma Realty with the new debt

TRD NEW YORK /
Nov.November 29, 2019 11:45 AM
The buildings at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway in Far Rockaway (Credit: Google Maps)

The buildings at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway in Far Rockaway (Credit: Google Maps)

A trio of apartment buildings in Far Rockaway have landed $107 million in refinancing.

New York Community Bank provided Alma Realty with the new debt, according to property records. The buildings are located at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway, and they have a total of 770 residential units.

The deal includes about $16.6 million in new financing.

Representatives for Alma Realty and NYCB did not respond to requests for comment.

NYCB president and CEO Joseph Ficalora said at a banking conference in the fall that New York’s strict new rent laws have not impacted its portfolios and that he wants the company to acquire other banks.


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