Updated Sep 24, 2026
JCS Realty Group Secures $120 Million Construction Loan From Valley National Bank In Long Island City
10-01 45th Road
$120,000,000
$1,333/SF
Building Size
90,000 SF
Asset Type
Development Site
Closing
Sep 9, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 10-01 45th Road in Long Island City. The asset features a total square footage of 90,000 and a built square footage of 240,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $120,000,000
- Lender: Valley National Bank
- Landlord: Jacob Schwimmer - JCS Realty Group
- Loan Type: Construction
- Date of Loan: 09/09/2026
JCS Realty Group secured the construction loan from Valley National Bank to finance a 495-unit development project. This financial arrangement indicates the involvement of significant real estate development activity in the area.
On the Map
$120,000,000
$1,333/SF
Development Site
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Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93