Arker Companies signs $6.3M refi with Customers Bank for retail, parking in Edgemere

Arker Companies through the entity Ec A1 Commercial LLC as borrower signed a refi loan with lender Customers Bank valued at $6.3 million for three commercial condominium units at the base of a mixed-use building in Edgemere, Queens. The units are two retail condos with the addresses at 5125 Beach Channel Drive and 302 Beach 53rd Street; and the parking condo with the address 5123 Beach Channel Drive. These units are at the base of a residential condominium unit which includes 194 apartments and is not part of this refinance.
The deal closed on April 30, 2026 and was recorded on May 11, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $6.4 million. The three properties have 49,014 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $128 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 Arker Companies was Daniel Moritz . The signatory for Customers Bank was Jonathan Lieblich.

The property

The retail condo in Edgemere has 49,014 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 20,477 square feet.  Customers Bank on April 30, 2026 bought a loan with an original principal of $6.4 million from Wells Fargo signed by Mark Lippi, secured by the three units, when owned by Arker Companies .

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 not received any significant violations 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 Edgemere, The majority, or 79 percent of the 4.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Edgemere has the 39th highest sale turnover among other neighborhoods in Queens with $23.7 million in sales volume in the last two years. For development, Edgemere has had very little major development activity relative to other neighborhoods.It had 981,358 square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On the tax block of 5125 Beach Channel Drive, PincusCo has identified the owners of 10 of the 10 commercial properties. The largest owner is Tishman Speyer, followed by Arker Companies and then Breaking Ground.
On the tax block, there were four new building construction projects totaling 896,568 square feet. The largest is a 300-unit, 257,316 square-foot residential (R-2) building submitted by Tishman Speyer and filed by Christopher Mccartin with plans filed November 18, 2025 and it has not been permitted yet. The second largest is a 244-unit, 256,992 square-foot residential (R-2) building submitted by Tishman Speyer and filed by Christopher McCartin with plans filed August 21, 2024 and permitted June 18, 2025.

All properties are development.

The borrower

The PincusCo database currently indicates that Arker Companies owned at least 117 commercial properties with 8,405 residential units in New York City with 8,323,710 square feet and a PincusCo-determined asset value of $2 billion. The portfolio has $1.5 billion in debt, with top three lenders as NYC Housing Development Corporation, Merchants Capital, and Merchants Bank of Indiana respectively. Within the portfolio, the bulk, or 65 percent of the 8,323,710 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 45 percent of the built space, is in Bronx, with Brooklyn next at 26 percent of the space.

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