Edward Blumenfeld Of Blumenfeld Development Group Refinances Jackson Heights Retail Property For $40M With U.S. Bank
71 01 35th Avenue
$40,000,000
Building Size
—
Asset Type
Retail
Closing
Dec 10, 2025
About this deal
AI
The asset involved in this transaction is a retail property located at 71-01 25th Avenue in Jackson Heights, Queens. It has been refinanced for a loan amount of $40,000,000, replacing a previous loan of $22,500,000 from NYS Common Retirement Fund.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $40,000,000
- Lender: U.S. Bank
- Landlord: Edward Blumenfeld - Blumenfeld Development Group
- Previous Loan Amount: $22,500,000
- Market: Jackson Heights, Queens
- Loan Type: Refinance
The refinancing deal was arranged by U.S. Bank on behalf of Edward Blumenfeld, who is associated with Blumenfeld Development Group. This transaction reflects a strategic financial movement for the landlord, optimizing their existing financing structure.
On the Map
$40,000,000
Retail
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Players
Jackson Heights Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93