Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Refinance deals dominate March rankings
The 10 largest outer-borough commercial real estate loans in March totaled $1.96 billion, more than twice the figure for March 2020 when the pandemic took hold of New York City. Last month’s total was nearly 50 percent higher than February’s $1.3 billion.
Of the top 10 loans, five were issued for Queens, three for Brooklyn and two for the Bronx. Most were to refinance existing loans, perhaps because as long-term Treasury yields started to rise, borrowers grabbed lower interest rates while they could.
The complete list:
1) 5Pointz refi | Queens | $300 million
The Wolkoff family’s G&M Realty landed this refinancing from JPMorgan Chase for its 1,115-unit luxury apartment project at 22-44 Jackson Avenue in Long Island City. The loan will repay the construction loan that G&M received from Bank OZK in 2018. The massive two-tower complex, called 5Pointz LIC, replaced the famous 5Pointz graffiti mecca.
2) Garden apartment refi | Queens | $165 million
A&E Real Estate Holdings, through the entity Kew Gardens Hills, secured this loan backed by 12 parcels in Kew Gardens Hills from Signature Bank. The properties included 147-07/147-51, 147-08/142-52 and 150-16/150-46 72nd Road; 147-39/147/43, 150-19/150-45, 150-14/150-40, 147-40/147-44 and 153-14/153-36 73rd Avenue; 147-42/147-46, 150-18/150-48 and 153-04/153-60 75th Avenue; and 72-24/72-30 Kissena Boulevard in Kew Gardens Hills. These parcels house three-story apartment buildings.
3) The Arches multifamily refi | Bronx | $163 million
Cheskel Schwimmer’s Chess Builders secured this refinancing for The Arches, a two-tower apartment complex at 198 East 135 Street in Mott Haven. The lender was Prime Finance Short Duration Holding Company, a division of Prime Finance. The residential complex boasts 430 apartments, including 129 units set aside for middle-income households. The Arches’ address is also known as 224-228 East 135th Street.
4) Rabsky makes move | Brooklyn | $120 million
The Brooklyn-based Rabsky Group secured this loan backed by parcels at 52 Walton Street, 174 Harrison Avenue, 249-257 Wallabout Street and 243-274 Wallabout Street. The financing consists of a $79.6 million gap construction loan, a $19.8 million mortgage and a $20.5 million loan for the land, totaling $119.9 million. The lender was Bank Leumi USA. Rabsky’s plan to construct a 12-story mixed-use building was approved in February. It calls for 77 apartments, 53,600 square feet of community facility and about 39,600 square feet of commercial space, according to the application filed with the city’s Building Department. The property, also known as 34 Union Avenue, is near the southwest edge of Broadway Triangle. Rabsky purchased it in 2012 for $12.75 million, according to property records.
5) Opal refi | Queens | $110 million
A&E Real Estate Holdings secured this loan backed by the Opal rental apartment complex at 75-25 153rd Street in Kew Gardens Hills. A&E bought the 388-unit building from the Dermot Company in 2015 for $134 million. The loan was issued by Signature Bank.
6) Clipper refi | Brooklyn | $100 million
Clipper Equity secured this financing from Citi for its office building at 141 Livingston Street in Downtown Brooklyn. The real estate investment trust purchased the building for $14 million in 2002 from Blackacre Capital Management, the real estate investment arm of Cerberus Capital Management. The REIT refinanced the property sooner than the original loan’s expiration date and extended the term with a lower interest rate, according to David Bistricer, CEO of the company.
7) Backed by Sumet | Brooklyn | $74.5 million
Metropolitan Realty Group secured this loan from Orix Real Estate Capital for 12 parcels at 198, 202, 204, 208, 226, 230 and 234 South First Street; 237, 233 and 231 South Second Street; 215 Roebling Street; and 209 South Third Street in Williamsburg. Those properties house apartment buildings, known collectively as Sumet I, boasting 200 units.
8) Riverdale refi | Bronx | $70 million
A&E Real Estate Holdings landed this loan backed by parcels at 5530-5572 and 5535-5565 Netherland Avenue in the Riverdale neighborhood. The four properties, called Riverdale Gardens, feature buildings totaling 438 apartments. The loan was issued by Signature Bank.
9) Innovo’s industrial play | Queens | $62.6 million
Innovo Property Group, a New York City-based real estate investment and operating firm, secured this loan for the parcel at 23-30 Borden Avenue in Long Island City where the company plans to build an 842,000-square-foot, five-story warehouse. The company, in partnership with Atalaya Capital Management and Hong Kong-based Nan Fung Group, purchased the property for $75 million from Atlas Capital Group in 2019. The loan was issued by Starwood Property Mortgage, a subsidiary of Starwood Property Trust.
10) Chetrit’s industrial refi | Queens | $56 million
The Chetrit Group scored this loan backed by the 588,000-square-foot distribution facility at 57-18 Flushing Avenue and three adjacent numberless parcels on 59th Place in Maspeth. The 9-acre site is zoned for manufacturing. UBS Bank USA issued the loan.