$5M refi signed with Liberty Mutual Insurance Company for LIC industrial

Salvatore DiLorenzo through the entity Jas 12th Street Holding LLC as borrower signed a refi loan with lender Liberty Mutual Insurance Company valued at $5 million for the industrial building (F9) at 42-20 12th Street in Long Island City, Queens.
The deal closed on April 20, 2026 and was recorded on May 7, 2026. The property has 9,764 square feet of built space and 7,077 square feet of additional air rights for a total buildable of 16,850 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $512 and the price per buildable square foot is $296 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 20, 2021, for $3.3 million. The signatory for the borrower as member, was Salvatore J. DiLorenzo. The signatory for Liberty Mutual Insurance Company was Rachel Walsh .

Prior sales, articles and revenue

The 9,764-square-foot property generated revenue of $187,078 or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 9,764 square feet of built space and 7,077 square feet of additional air rights for a total buildable of 16,850 square feet according to a PincusCo analysis of city data. The parcel has frontage of 85 feet and is 99 feet deep with a total lot size of 8,425 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 11, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 41,284 square feet of the 119,855 square feet. The two identified owners are Palette Hotels and Jas 12th Street Holding Llc.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 119,855 square feet of built space are industrial buildings, with hotel buildings next occupying 26 percent of the space.

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