Updated Dec 4, 2024
GTJ REIT's 23-85 87th LLC Secures $113.5M Refinance Loan In Queens
23-25 87th Street
$113,500,000
$1,363/SF
Building Size
83,270 SF
Asset Type
Industrial
Closing
Mar 15, 2024
About this deal
AI
The industrial properties in Jackson Heights, Queens and East New York, Brooklyn, including buildings at 23-25 87th Street, have a total square footage of 83,270 and a building square footage of 807,680. GTJ REIT, represented by Paul Cooper, secured a refinance loan amounting to $113,500,000 from Blackstone Group and American International Group (AIG).
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $113,500,000
- Address: 23-25 87th Street
- Market: Jackson Heights, Queens
- Lender: Kevin Pivnick - Blackstone Group & American International Group (AIG)
- Landlord: Paul Cooper - GTJ REIT
The refinance loan was facilitated by American General Life Insurance Company on behalf of GTJ REIT through GWL 23-85 87th LLC. Paul Cooper from GTJ REIT and Kevin Pivnick from Blackstone Group were integral in finalizing this significant transaction.
On the Map
$113,500,000
$1,363/SF
Industrial
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Players
East Elmhurst Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93