The Real Deal New York

Wolkoff lands $300M loan for the second phase of 5Pointz

Developer is still finishing work on 1,115 units at 22-44 Jackson Avenue
By Will Parker | February 09, 2018 06:00PM

David and Jerry Wolkoff

Wolkoff Group, a Queens condominium developer, borrowed $300 million from Bank of the Ozarks to begin a second phase of construction at the Long Island City graffiti mecca known as 5Pointz.

The company is currently wrapping up 1,115 residential units at the site, which has an address of 22-44 Jackson Avenue. The total square footage of the two developments comes to 1.2 million square feet.

The Singer & Bassuk Organization represented Wolkoff on the loan transaction, but declined to comment. Jerry and David Wolkoff were not immediately available to comment.

It’s not entirely clear what Wolkoff is planning for phase two, but a source familiar with the loan said the developer was less than 50 percent leveraged for the new phase. New building permits have not been filed.

In November, a Brooklyn jury ruled that Wolkoff should not have destroyed 50 murals at 5Pointz before beginning construction in 2014, although it’s not clear that the developer will face any consequences. The jury decision will only serve as a recommendation for the judge, as the New York Times reported.

The towers under construction at 22-44 Jackson Avenue will reach heights of 47 stories and 41 stories each. One of the those towers topped out last fall.