Alma Realty signs $94.5M refi with Zions for 770 units in Rockaway Beach

Alma Realty through the entity 106-20 Shorefront Realty, LLC as borrower signed a refi loan with lender Zions Bancorporation through the entity Zions Bancorporation, N.A. valued at $94.5 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 1 Beach 105th Street in Rockaway Beach, Queens.
The deal closed on May 28, 2026 and was recorded on June 10, 2026. The prior lender was Deutsche Bank which held debt that had an original loan amount of $92.5 million. The three properties have 876,424 square feet of built space and 83,071 square feet of additional air rights for a total buildable of 958,582 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $107 and the price per buildable square foot is $98 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 Zions Bancorporation was Brian K. Bokor .

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 Efstathios 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 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. Zions Bancorporation on May 28, 2026 bought a loan with an original principal of $92.5 million from Deutsche Bank signed by David Addison , secured by 107-10 Shore Front Parkway, 1 Beach 105th Street, and 106-20 Shore Front Parkway, when owned by Alma Realty .

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 33 housing violations, $430 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 144 commercial properties with 6,479 residential units in New York City with 7,259,620 square feet and a PincusCo-determined asset value of $1.5 billion. The portfolio has $881.6 million in debt, with top three lenders as Deutsche Bank, New York Community Bank , and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 65 percent of the 7,259,620 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Queens next at 31 percent of the space.

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