Belvedere Capital signs $77.4M in new debt with Blackstone at Industry City

Belvedere Capital through the entity 1-10 Bush Terminal Owner Lp as borrower signed new debt with lender Blackstone Mortgage Trust through the entity Bxmt 2020-Fl2, Ltd valued at $77.4 million for 12 properties at Industry City including the industrial (E1) at 4002 2nd Avenue in Sunset Park, Brooklyn, industrial (E1) at 892 Third Avenue in Greenwood Heights, Brooklyn, and industrial (E9) at 607 2nd Avenue in Greenwood Heights, Brooklyn.
The deal closed on December 9, 2021 and was recorded on December 23, 2021.
The 12 properties have 5,728,778 square feet of built space and 132,376 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $13 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 Belvedere Capital was Justin Weiner. This is debt on top of existing debt.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1.7 million.

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