Alma Realty signs $92.5M refi for 3 rentals in Rockaway Beach

Alma Realty through the entity 106-20 Shorefront Realty, LLC as borrower signed a refi loan with lender Deutsche Bank through the entity Deutsche Bank Trust Company Americas valued at $92.5 million for three residential elevator properties with 770 residential units including the 265-unit residential elevator building (D3) at 107-10 Shore Front Parkway in Rockaway Beach, Queens, 240-unit residential elevator building (D3) at 106-20 Shore Front Parkway in Rockaway Beach, Queens, and 265-unit residential elevator building (D3) at 106-10 Shore Front Parkway in Rockaway Beach, Queens.
The deal closed on December 30, 2025 and was recorded on January 9, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $107.1 million.The three properties have 876,424 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $105 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 signatory for Alma Realty was Efstathios Valiotis . The signatory for Deutsche Bank was James Angoff and Timothy Donahoe .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 107-10 Shore Front Parkway.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Efstathios Valiotis, head officer and Eftsthios Valiotis, shareholder. The business entities are Alma Realty Corp and 107-10 Shorefront Realty, Llc. The three properties with a total of 876,424 square feet of built space generated revenue of $15.2 million per year or $17 per square foot.

The property

The residential elevator building with 265 residential units in Rockaway Beach has 876,424 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 365 feet and is 611 feet deep with a total lot size of 195,025 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $22.2 million. The property has 265 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 27 housing violations, $3,200 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 107-10 Shore Front Parkway, PincusCo has identified the owners of three of the three commercial properties representing 876,424 square feet of the 876,424 square feet. The identified owner is Alma Realty.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Alma Realty owned at least 142 commercial properties with 6,471 residential units in New York City with 7,217,712 square feet and a city-determined market value of $719.7 million. (Market value is typically about 50% of actual value.) The portfolio has $706.1 million in debt, with top three lenders as Deutsche Bank, New York Community Bank, and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 68 percent of the 7,217,712 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 Queens next at 31 percent of the space.

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