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

Developer is still finishing work on 1,115 units at 22-44 Jackson Avenue

TRD New York /
Feb.February 09, 2018 06:00 PM

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.


Related Articles

arrow_forward_ios
Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

(Credit: iStock)

Some builders upset as voters add red tape to projects

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

arrow_forward_ios