Meyer Chetrit & Joseph Chetrit Secure $80 Million Refinance For Maspeth Industrial Warehouse
57-18 Flushing Avenue
$80,000,000
Building Size
—
Asset Type
—
Closing
Jul 13, 2026
About this deal
AI
The asset involved in this transaction is an industrial property located at 57-18 Flushing Avenue in Maspeth, Queens. The property encompasses a substantial 588,000 square feet and has a secured refinancing loan amount of $80 million.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $80,000,000
- Lender: Maxim Capital Group & SL Green
- Landlord: Meyer Chetrit & Joseph Chetrit - Chetrit Group
- Loan Type: Refinance
- Loan Duration: Three years
The deal features prominent figures from the Chetrit Group, namely Meyer Chetrit and Joseph Chetrit, who navigated various legal and lender disputes to secure this financing arrangement. Their ability to obtain this refinance highlights their strategic approach amid challenges in the market.
On the Map
$80,000,000
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Players
Maspeth CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93