Alma Realty signs $20.5M refi loan with Deutsche Bank for office in Long Island City

Alma Realty through the entity 3030 Equities, LLC as borrower signed a refi loan with lender Deutsche Bank through the entity Deutsche Bank Trust Company Americas valued at $20.5 million for the office building (O6) at 30-30 Northern Boulevard in Long Island City, Queens.
The deal closed on January 10, 2025 and was recorded on January 21, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $13.2 million.The property has 246,835 square feet of built space and 267,800 square feet of additional air rights for a total buildable of 515,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $83 and the price per buildable square foot is $39 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 January 27, 2011, for $21.5 million. The signatory for Alma Realty was Efstathios Valiotis. The signatories for Deutsche Bank were Daniel Eisenberg and David Addison.

The property

The office building in Long Island City has 246,835 square feet of built space and 267,800 square feet of additional air rights for a total buildable of 515,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 314 feet and is 298 feet deep with a total lot size of 103,000 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $28.9 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 $4,270 in OATH penalties in the last year.

Development

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 the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 17 commercial properties representing 180,320 square feet of the 828,447 square feet. The largest owner is Life Storage, followed by Largavista Companies and then Baron Property Group.
On the tax block, there were four new building construction projects totaling 1,011,938 square feet. The largest is a 518-unit, 473,706 square-foot residential (R-2) building submitted by Largavista Companies and filed by Adam Good with plans filed December 8, 2021 and permitted April 15, 2022. The second largest is a 315,626 square-foot business (B) building submitted by Alma Realty and filed by Efstathios Valiotis with plans filed February 5, 2016 and it has not been permitted yet.

The majority, or 64 percent of the 828,447 square feet of built space are office buildings, with industrial buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Alma Realty owned at least 148 commercial properties with 6,764 residential units in New York City with 7,292,359 square feet and a city-determined market value of $717 million. (Market value is typically about 50% of actual value.) The portfolio has $661.6 million in debt, with top three lenders as Deutsche Bank, New York Community Bank, and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 71 percent of the 7,292,359 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 37 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

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