Blackstone borrows $23.3M from Citigroup for industrial property in Soundview

Blackstone Group through the entity B9 Zerega Owner LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $23.3 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 537 Zerega Avenue in Soundview. The deal closed on September 29, 2020 and was recorded on October 1, 2020.
The property contains a total of 74,250 square feet of built space. The property has 23,536 square feet of available development rights.
The average loan per buildable square foot is $238.
The signatory for Blackstone was Eric Wu, managing director of real estate.  The last time the property sold was December 13, 2019, for $28,500,000.  The prior owner had $11.5 million of debt on the parcel.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 22, 2016.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,914,750.There has been one new building permit application totaling 74,250 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link