Jeffrey R. Blau Of Related Companies Secures $60.9M Loan From NYC Housing Development Corporation
1 55 Borden Avenue
$60,900,000
Units
306
Asset Type
Condo
Closing
Jan 27, 2026
About this deal
AI
The property asset involved in this transaction is a residential condo located at 1-55 Borden Avenue in Long Island City. The asset comprises 306 units within three condo structures, amounting to a total of 228,309 square feet, with a price of $266 per square foot.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $60,900,000
- Lender: NYC Housing Development Corporation
- Landlord: Jeffrey R. Blau - Related Companies
- Market: Long Island City
- Units: 306
This transaction highlights the involvement of Related Companies through HPS Border Avenue Associates LLC, which secured the loan from NYC Housing Development Corporation. The loan was later assigned to Fannie Mae, indicating a structured financial arrangement for this considerable asset in a competitive market.
On the Map
$60,900,000
Condo
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Players
Long Island City Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93