Abe Waldman’s Rogers Equities signs $16M construction loan with S3 Capital for 43-unit LIC project

Rogers Equities through the entity 3001 Northern Blvd Realty LLC as borrower signed a construction loan with lender S3 Capital through the entity S3 Re Perpetual Yield Funding LLC valued at $16 million for the 43-unit development project at 3001 Northern Boulevard in Long Island City, Queens.

On the lot, there is one active new building construction project, Q01197266, for a 43-unit, 29,065 square-foot residential (R-2) building. The project was submitted by Rogers Equities and filed by Abe Waldman with plans filed April 10, 2025 and it has not been permitted yet.

The loan closed on February 9, 2026 and was recorded on March 12, 2026. The prior lender was S3 Capital which held debt that had an original loan amount of $3.2 million. The loan price per square foot for the new building plans is $550 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 February 28, 2025, for $4.8 million. The signatory for Rogers Equities was Abraham Waldman .

Transaction Participants

Attorney Haley Manchon of Seyfarth Shaw LLP participated in the transaction on behalf of the lender, S3 Capital.

Prior sales, articles and revenue

The 9,200-square-foot property generated revenue of $285,108 or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 9,200 square feet of built space and 15,256 square feet of additional air rights for a total buildable of 24,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 92 feet deep with a total lot size of 4,890 square feet. The zoning is M1-3/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million. S3 Capital on February 9, 2026 bought a loan with an original principal of $3.2M from S3 Capital signed by Joshua Crane , secured by 3001 Northern Boulevard, when owned by Rogers Equities .

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 three DOB violations, $33,500 in ECB penalties, and $33,575 in OATH penalties in the last year.

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 3.5 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 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There were 48 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 15 commercial properties representing 275,561 square feet of the 349,749 square feet. The largest owner is Cubesmart, followed by Anjali Gopalani and then Muhammad I. Hameed.
On the tax block, there were three new building construction projects totaling 64,609 square feet. The largest is a 26-unit, 29,674 square-foot residential (R-2) building submitted by SB Development Group and filed by Joseph Stern with plans filed March 4, 2022 and permitted December 11, 2023. The second largest is a 43-unit, 29,065 square-foot residential (R-2) building submitted by Rogers Equities and filed by Abe Waldman with plans filed April 10, 2025 and it has not been permitted yet.

The majority, or 45 percent of the 349,749 square feet of built space are hotel buildings, with industrial buildings next occupying 43 percent of the space.

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