Bayrock Capital signs $40M refi with Customers Bank for hotel in South Ozone Park

Bayrock Capital through the entity Crowne Partners LLC as borrower signed a refi loan with lender Customers Bank valued at $40 million for the 335-unit hotel building (H3) at 138-10 135th Avenue in South Ozone Park, Queens. This is the former Crowne Plaza JFK Airport New York City.
The deal closed on July 24, 2025 and was recorded on August 12, 2025. The prior lender was Levon Capital which held debt that had an original loan amount of $45 million.The property has 233,210 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $171 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 owner bought the property on March 6, 2024, for $79.2 million. The signatory for Bayrock Capital was Moshe Glassman . The signatory for Customers Bank was Elizabeth Arato .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Daniel Rab, head officer and Russell Gold, agent. The business entity is Crowne Partners LLC. The 233,210-square-foot property generated revenue of $17.3 million or $74 per square foot, according to the most recent income and expense figures.

The property

The hotel building with 335 residential units in South Ozone Park has 233,210 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 266 feet deep with a total lot size of 75,700 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $47.4 million. The most recent loan totaled $45 million and was provided by Broadview Capital on March 6, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations, $2,530 in ECB penalties, and $7,250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 24, 2014. 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 South Ozone Park, The bulk, or 27 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 26 percent of the space. In sales, South Ozone Park has near average sales volume among other neighborhoods with $266.2 million in sales volume in the last two years and is the 8th highest in Queens. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 709,657 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 233,210 square feet of the 433,083 square feet. The identified owner is Jeffrey Zwick & Associates Registered.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 433,083 square feet of built space are hotel buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Bayrock Capital owned at least 20 commercial properties with 145 residential units in New York City with 549,424 square feet and a city-determined market value of $135.9 million. (Market value is typically about 50% of actual value.) The portfolio has $350.2 million in debt, with top three lenders as Broadview Capital, Popular Bank, and M&T Bank respectively. Within the portfolio, the bulk, or 74 percent of the 549,424 square feet of built space are hotel properties, with walkup properties next occupying 11 percent of the space. The bulk, or 83 percent of the built space, is in Queens, with Manhattan next at 8 percent of the space.

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