Belvedere Capital, Jamestown, and Angelo, Gordon & Co borrow $59M from Blackstone Group for Industry City in Sunset Park

Belvedere Capital Real Estate Partners, Jamestown Properties, and Angelo, Gordon & Co through the entity 1-10 Bush Terminal Owner Lp as borrower signed a loan agreement with lender Blackstone Group through the entity Parlex 5 Finco, LLC valued at $58.5 million for 12 parcels, including the tax class fireproof warehouse (E1) at 4000 1st Avenue, 4002 2nd Avenue, 607 2nd Avenue, 639 2nd Avenue, 581 2nd Avenue, and others in Sunset Park. The deal closed on December 12, 2019 and was recorded on December 19, 2019.

This $59 million is the third project and third building loan package provided. The prior debt provided by Bank of China, totaling $518,563,277, was assigned simultaneously with the new loans, to Blackstone.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,053,325.
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