Artimus, Phoenix Realty Group, borrow $181M from NYC Housing Development Corp. for new construction in Jamaica

Artimus and Phoenix Realty Group through the entity J2 Owner LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. valued at $180.8 million for 1 parcel, including the tax class fireproof warehouse (E1) at 147-07 94th Avenue in Jamaica. The deal closed on December 24, 2019 and was recorded on January 6, 2020.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 417,586 square feet. Those plans include a total of 543 residential or hotel units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link