American Realty Advisors borrows $147M for distribution center in Maspeth

Los Angeles-based American Realty Advisors through the entity Fifty Seven Avenue Investments, LLC as borrower signed a loan agreement with lender care of Barack Ferrazzano Kirschbaum & Sutcliffe LLP through the entity Brooklyn Finance Company, LLC valued at $146.6 million for 2 parcels, including the tax class fireproof warehouse (E1) at 46-06 57th Avenue, and another parcel on 57th Avenue in Maspeth. The deal closed on September 26, 2019 and was recorded on October 7, 2019.
The property contains a total of 362,474 square feet of built space. FedEx occupies the building.

The last time the property sold was September 26, 2019, when American Realty bought it from SunCap Property Group and Parkwill Management Corp.’for $259.6 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on February 2, 2018.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $313,407.There has been one new building permit application totaling 362,474 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.