Bellino Equities signs $16.5M refi with AuguStar for 10 properties in Jamaica
Bellino Equities, affiliated with waste hauler Liberty Ashes, through the entity 147-02/12 Liberty Ave., LLC as borrower signed a refi loan with lender AuguStar Life Insurance Company valued at $16.5 million for 10 properties including the industrial building (E1) at 147-02 Liberty Avenue in Jamaica, Queens, industrial building (E1) at 95-50 Tuckerton Street in Jamaica, Queens, and industrial building (E1) at 94-40 Merrick Boulevard in Jamaica, Queens.
The deal closed on September 12, 2025 and was recorded on October 6, 2025. The prior lenders were TD Bank and Rialto Capital Advisors which held debt that had an original loan amount of $17.4 million.
The 10 properties have 93,014 square feet of built space and 163,231 square feet of additional air rights for a total buildable of 256,017 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $177 and the price per buildable square foot is $64 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 Bellino Equities was Michael Bellino . The signatory for AuguStar Life Insurance Company was Megan K. Meyer.
Prior sales and revenue
Out of the 10 properties, five with a total of 93,014 square feet of built space generated revenue of $2.6 million per year.
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 $1,000 in ECB penalties and $1,000 in OATH penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 14,248 square feet. The largest, 440660571, is a new building project for a 7,124 square-foot S-2 building submitted by Stephen Bellino with plans filed January 4, 2021 and it has not been permitted yet. The second largest, Q00696251, is a new building project for a 7,124 square-foot S-2 building submitted by Stephen Bellino with plans filed March 25, 2022 and permitted March 2, 2023.
The neighborhood
In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $247 million in sales volume in the last two years. For development, Jamaica has 1.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On the tax block of 95-50 Tuckerton Street, PincusCo has identified the owners of two of the 20 commercial properties representing 7,570 square feet of the 125,866 square feet. The identified owner is Rohani Nanku.
On the tax block, there were three new building construction projects totaling 21,656 square feet. The largest is a 7,408 square-foot storage (S-2) building submitted by Lakhwinder Singh with plans filed January 21, 2016 and it has not been permitted yet. The second largest is a 7,124 square-foot storage (S-2) building submitted by Stephen Bellino with plans filed March 25, 2022 and permitted March 2, 2023.
The majority, or 90 percent of the 125,866 square feet of built space are industrial buildings, with retail buildings next occupying 10 percent of the space.
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