Superior Management pays $12.4M for foreclosed warehouse in Astoria

UPDATED 4:03 p.m., August 9, 2023: Adam Nagin of Superior Management and L&L Capital Partners through the entity Eulisis Capital LLC paid $12.4 million for the foreclosed six-story, 41,400-square-foot warehouse building at 42-45 12th Street in Astoria, Queens. L&L Capital Partners was the prior lender.
The deal closed on July 28, 2023 and was recorded on August 8, 2023. The contract date was July 28, 2023.
The former owner, Isaac Hager of Cornell Realty Management bought the property in 2018, for $11.25 million. The signatory for the court was referee Gregory J. Newman. The signatory for Adam Nagin was Adam Nagin.

According to a person familiar with the acquisition, “A comprehensive renovation is planned for the next 12 to 14 months. In active discussions with multiple tenants to take space. Adam Joly at Vorea Group is handling the lease up.”

Gregory J. Newman is the referee in Queens County foreclosure auction on June 30, 2023, 704347/2020. Adam Nagin is with Superior Management and L&L Capital Partners.

Eulisis Capital was formed in 2012. The lien was originally computed to be more than $28 million but was reduced to $17.5 million, and the sale was at $12 million leaving a deficiency of $5,974,039, according to court filings.

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