AIG Closes $27M Refi for Astoria Multifamily Asset 

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AIG has provided a $26.5 million refinance for DVI Astoria, a 65,000-square foot multifamily property in Astoria, Queens, Commercial Observer has learned. 

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Cushman & Wakefield’s Gideon Gil, Zachary Kraft and Maya Steinberger negotiated the debt on behalf of the borrower, 34-22 Astoria Partners which is a limited liability company led by Valyrian Capital’s Theodore Kakoyiannis

The asset, at 34-22 35th  Street in Astoria, is a newly constructed, seven-story Class A building. It comprises 64 rental units, a 1,400-square-foot retail space and a 64-space parking garage. 

The building sits across the street from Kaufman Astoria Studios, where ‘Sesame Street’ has been taped since 1993. 

“AIG recognized the strength of this brand new, Class A multifamily property with great amenities and a premier location in Astoria,” Gil said in prepared remarks. “We were pleased to connect our client with AIG and congratulate both parties on a seamless execution during unprecedented times in the capital markets.”

Valyrian Capital acquired the coveted Astoria site in 2014, paying $16 million. 

The building was designed by Kutnicki Bernstein Architects and select units on the first, second and seventh floors. Building amenities include a fitness center, outdoor amenity space and a roof deck.