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Massive Far Rockaway apartment complex nabs $107M loan

NYCB provided Alma Realty with the new debt

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.

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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.

Tags
Alma RealtyFar RockawayNew York Community Bank
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