The ten largest external loans totaled $ 1.17 billion in December, a sharp decline – about 40 percent – from almost a total of November $ 2 billion.
However, one loan stood out and it is no surprise that Amazon also participated in it. This $ 272.9 million loan from JPMorgan Chase partially funds a large-scale warehouse development in Queens for e-commerce monsters.
Five of last month’s loans were for real estate in Queens and four for Brooklyn’s land, with one in the Bronx.
Overall, the industrial real estate sector was one of the few bright spots in New York’s devastated market in 2020. Here are the largest loans for December:
1) Amazon effect Queens | $ 272.9 million
RXR Realty and California-based LBA Realty have secured a loan from JPMorgan Chase for their five-story warehouse development project at 55-15 Grand Avenue in Maspeth. The loan was signed by RXR’s chief attorney Jason Barnett. The loan is part of a $ 316 million financing package to build a 770,000-square-foot facility that is reportedly leased to Amazon.
2) The sun is shining Queens | $ 59 million
Sun Equity Partners refinanced its retail development at 40-31 82nd Street on the border of Jackson Heights and Elmhurst with a loan provided by the New York Community Bank. The privately owned company Sun Equity has been working on the project for several years in cooperation with the Heskel Group. The developers once wanted to build a 160,000-square-foot building, but after meeting with community opposition, they reduced the facility to about 38,000 square feet, according to a zoning diagram filed with the construction department.
3) Trust Zara Queens | $ 54 million
Zara Realty Holdings refinanced its loans for two multi-family properties on 166-33 89th Avenue and 87-50 167th Avenue in Jamaica, through a loan from Northern Trust.
4) Blooming rose Bronx | $ 53.4 million
Jonathan Rose Companies received a $ 53.4 million loan from Merchants Capital Corp to finance it Purchase of $ 64 million affordable apartment building with 190 units at 350 St. Ann’s Avenue in Mott Haven. The seller was Omni New York, which bought the complex for $ 15.5 million in 2004.
5) Towers rise Queens | $ 49 million
Flushing Point Holding, led by Maohua Dong and Yong Qin, secured a $ 49 million loan from Delta FP Holdings for a property on 40th Road 131-02 in Flushing. The company eventually wants to build a complex with three towers for multipurpose use, known as Flushing Point Plaza. The development will consist of two 20-storey towers and one 19-storey tower with 469 hotel rooms and 330 residential units, along with retail space, according to documents submitted to the Ministry of Construction.
6) prime time Queens | $ 43.5 million
The joint venture between Circle F Capital and ZD Jasper Realty has taken over a $ 43.5 million loan from Maxim Credit Group for a property on 22-43 Jackson Avenue in Long Island City. The company is building an 11-story residential building with 71 units called Prime, designed by SRA Architecture + Engineering. AND Businessman Joe will open sometime this year in the commercial premises of the property.
7) Daten is evolving Brooklyn | $ 40 million
The Daten Group has taken out a $ 40 million loan from Mack Real Estate for its condominium development in 575 Fourth Avenue in Park Slope. Housing units in the 70-unit complex cost between $ 699,000 and $ 1.5 million, according to the 575 fourth site.
8) Secured by signature Brooklyn | $ 34 million
Yehoshua Leib Fruchthandler and Jeffrey Zwick secured a $ 34 million loan from Signature Bank under 615 East 104 Holdings. It finances their purchase of a five-story building at 633 East 104th Street for $ 51.3 million. The seller was E&M report, the main owner of an apartment in North Manhattan, Brooklyn and Queens. E&M bought the building for $ 12.5 million from the Canarsie Hotel.
9) Negotiations on Delavan Brooklyn | $ 31.5 million
Acuity Capital Partners borrowed $ 31.5 million from Northwind Group for three packages at Delavan 21 and 35 in Red Hook and 2269 First Avenue in Manhattan. At the same time, ownership of 21 and 35 Delavan streets was transferred from Eugen Mendlowitz to Acuity Capital Partners, according to the property deed, which did not include the sale price. The package in Manhattan has been owned by Acuity Capital since 2014, according to asset records.
10) Ballgreen baller | Brooklyn | $ 31.3 million
Montreal-based Rester Management has borrowed $ 31.3 million from the Canadian Imperial Bank to purchase a 62-seat, multi-family property on 186 Lenox Road in Flatbush. Rester’s Nitanel Deitcher signed a loan document. This property, listed as Ballgreen on Streeteasy, was recently developed as a luxury rental apartment building.