RXR CEO Scott Rechler with 56-19 Grand Avenue, Queens (Getty, RXR)
The 10 largest loans from outer boroughs in December totaled $ 1.17 billion, a sharp drop – about 40% – from November’s total of nearly $ 2 billion.
But one loan stood out from the rest, and it’s no surprise that Amazon was involved. This $ 272.9 million loan from JPMorgan Chase is partially financing a project to develop a mega-warehouse in Queens for the e-commerce giant.
Five of last month’s loans were for properties in Queens and four were for plots in Brooklyn, including one in the Bronx.
Overall, the industrial real estate sector has been one of the few bright spots in the New York pandemic-ravaged market in 2020. Here are the Outer Boroughs biggest loans for the month of December:
1) Amazon effect | Queens | $ 272.9 million
RXR Realty and California-based LBA Realty have secured the loan from JPMorgan Chase for their five-story warehouse development project at 55-15 Grand Avenue in Maspeth. RXR General Counsel Jason Barnett signed the loan document. The loan is part of the $ 316 million financial package to build the 770,000 square foot facility that would have been leased to Amazon.
2) The sun is shining | Queens | $ 59 million
Sun Equity Partners has refinanced its business development at 40-31 82nd Street on the border of Jackson Heights and Elmhurst, with the loan provided by the New York Community Bank. The private company Sun Equity, in partnership with Heskel Group, has been working on the project for several years. The developers once wanted to build a 160,000 square foot building, but after meeting opposition from the community, they reduced the facility to about 38,000 square feet, according to a zoning plan filed with the building department.
3) Trust Zara | Queens | $ 54 million
Zara Realty Holdings has refinanced its loans for the two multi-family properties located at 166-33 89th Avenue and 87-50 167th Avenue in Jamaica, with the loan from the Northern Trust.
4) Rose in bloom | Bronx | $ 53.4 million
Jonathan Rose Companies has secured a $ 53.4 million loan from Merchants Capital Corp to finance its $ 64 million purchase of a 190 affordable apartment building at 350 St. Ann’s Avenue in Mott Haven. The seller was Omni New York, which purchased the resort for $ 15.5 million in 2004.
5) Rising towers | Queens | $ 49 million
Flushing Point Holding, run by Maohua Dong and Yong Qin, has secured a $ 49 million loan from Delta FP Holdings for the property located at 131-02 40th Road in Flushing. The company eventually wants to build a mixed-use three-tower complex, which will be known as Flushing Point Plaza. The development will consist of two 20-story towers and one 19-story tower, with 469 hotel rooms and 330 residential units, as well as commercial space, according to documents filed with the Building Ministry.
6) Prime Time | Queens | $ 43.5 million
A joint venture of Circle F Capital and ZD Jasper Realty has taken out a $ 43.5 million loan from Maxim Credit Group for the property located at 22-43 Jackson Avenue in Long Island City. The company is building an 11-storey, 71-unit residential building called Prime, designed by SRA Architecture + Engineering. A Trader Joe’s is slated to open this year in the property’s trading space.
7) Daten develops | Brooklyn | $ 40 million
Daten Group has taken out a $ 40 million loan from Mack Real Estate for its condominium development at 575 Fourth Avenue in Park Slope. The condo units at the 70-unit complex cost between $ 699,000 and $ 1.5 million, according to the 575 Fourth website.
8) Secure from signature | Brooklyn | $ 34 million
Yehoshua Leib Fruchthandler and Jeffrey Zwick, under 615 East 104 Holdings, have secured a $ 34 million loan from Signature Bank. It will fund their $ 51.3 million purchase of the five-story building at 633 East 104th Street. The seller was E&M Management, a major owner of apartments in upper Manhattan, Brooklyn and Queens. E&M bought the building for $ 12.5 million from the Canarsie Hotel.
9) Deal on Delavan | Brooklyn | $ 31.5 million
Acuity Capital Partners has taken out a $ 31.5 million loan from Northwind Group for three parcels located at 21 and 35 Delavan Streets in Red Hook and 2269 First Avenue in Manhattan. At the same time, ownership of 21 and 35 Delavan Streets was transferred from Eugene Mendlowitz to Acuity Capital Partners, according to the deed, which did not include the sale price. The Manhattan plot has been owned by Acuity Capital since 2014, according to property records.
10) Baller Ballgreen | Brooklyn | $ 31.3 million
Montreal-based Rester Management has borrowed $ 31.3 million from the Canadian Imperial Bank for its purchase of a 62-unit multi-family building at 186 Lenox Road in Flatbush. Nitanel Deitcher of Rester signed the loan document. The property, listed as Ballgreen on Streeteasy, has recently been developed as a luxury rental apartment building.