Bronx deal cracks list of top outer-borough loans

Topping the chart was $359 million for a Long Island City address

New York /
Dec.December 06, 2019 07:00 AM
Clockwise from left: 24-02 49th Avenue, 1260 Zerega Avenue and 60 Furman Street (Credit: Google Maps)

Clockwise from left: 24-02 49th Avenue, 1260 Zerega Avenue and 60 Furman Street (Credit: Google Maps)

For the first time since August, a deal not in Brooklyn or Queens has made the monthly top-10 list of outer-borough loans.

Breaking through was a $155 million loan from PIMCO to Prime Storage for a storage facility at 1260 Zerega Avenue in the Bronx. It grabbed the No. 2 spot, trailing only a $359 million package from Axonic Capital and Apollo Global Management to Innovo Property Group for 24-02 49th Avenue in Long Island City.

The Bronx project was the only entry from the borough on the November list, which included two Queens and seven Brooklyn loans. No Staten Island projects made the cut.

The full list:

1. Innovotion — $359 million
An Innovo Property Group building at 24-02 49th Avenue in Long Island City got about $359 million from Axonic Capital and Apollo Global Management, according to the Commercial Observer. The property spans 830,000 square feet, most of which are leased by the New York City Housing Authority.

2. Prime of Your Life — $155 million
Prime Storage, part of Prime Group Holdings, landed this loan from PIMCO for 1260 Zerega Avenue in the Bronx’s Parkchester neighborhood. The storage property stands two stories tall and spans about 101,000 square feet.

3. Shooting Starwood — $120 million
Starwood Capital Group received the loan from Barclays for a hotel at 60 Furman Street in Brooklyn Heights. The property, known as 1 Hotel Brooklyn Bridge, stands 10 stories tall and has 225 units.

4. Meet the New Bossert — $112 million
The Chetrit Group received this refinancing from Cantor Commercial Real Estate Lending for the site of the Hotel Bossert in Downtown Brooklyn. The money includes a gap mortgage worth $27.7 million and replaces $85 million in debt from New York Community Bank. The reopening of the hotel has been delayed for years but may finally happen in the coming months.

5. Alma Let You Finish — $107 million
Alma Realty landed this loan from New York Community Bank for three apartment buildings in Far Rockaway: 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway. The money includes roughly $16.6 million in new financing. The properties contain 770 residential units altogether.

6. Live Your MetLife — $92.2 million
MetLife Real Estate Lending provided Thor Equities with this loan for 180 Livingston Street in Downtown Brooklyn. Thor purchased the office and retail property in 2015 for $136 million. Its tenants include the New York City Transit Authority, Brooklyn Defender Services and Dallas BBQ, according to the Commercial Observer.

7. Four-Leaf Clover House — $82 million
Clipper Realty received this financing from MetLife for its Clover House residential building at 107 Columbia Heights in Brooklyn Heights. The 10-year, interest-only loan allows Clipper to retire $64.7 million in financing from Blackstone Mortgage from two years ago, according to Commercial Real Estate Direct. Clipper purchased the building from the Jehovah’s Witnesses in 2017 for $87.5 million.

8. Jamestown Colony Capital — $66 million
Colony Capital’s Colony Credit Real Estate lent this money to Flank Architecture + Development for 60 South 2nd Street in Williamsburg, an office and retail building made of wood. The refinancing retires more than $60 million in acquisition and construction financing from Bank OZK, according to the Commercial Observer.

9. Willy Wonka and the Chocolate Factory Lofts — $60 million
Meadow Partners landed this loan from Heitman for the Chocolate Factory Lofts at 275 Park Avenue in Clinton Hill. Meadow Partners and Fairstead purchased the former Tootsie Roll factory turned apartment building for $67.25 million earlier this year from the HK Organization and Brickman Real Estate.

10. Mr. & Mrs. Smith Street — $55 million
November’s list rounds out with this loan to Yoel Goldman’s All Year Management from Downtown Capital Partners for 459 Smith Street in Gowanus. All Year Management and the Hakim Organization joined with Property Markets Group to purchase the site in 2017 for about $50 million.


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