Blackstone borrows $83M from New York Life for Queens warehouse portfolio
The private equity fund Blackstone borrowed $83.4 million from New York Life Insurance Company for the 21-property portfolio it acquired from TA Realty. The loans were signed in three packages of buildings. One property, at 155-02 146th Avenue, that was acquired as a leasehold, did not have debt recorded against it. The three loan packages are described in more detail below.
First loan package: Blackstone through the entity PP Tango NY 3 LLC as borrower signed a loan agreement with lender New York Life Insurance Company valued at $38.2 million for 11 parcels, including the tax class unlicensed parking lot (G7) at Guy R Brewer Blvd, 182-09 149th Road, 149-39 Guy R Brewer Blvd, 179-15 149th Road, 149-28 182nd Street, and others in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019.
The property contains a total of square feet of built space. The property has 51,451 square feet of available development rights.
The average loan per buildable square foot is $137.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Second loan package: Blackstone through PP Tango NY 5 LLC as borrower signed a loan agreement with lender New York Life Insurance Company valued at $31.6 million for 5 parcels, including the tax class fireproof warehouse (E1) at 145-07 156th Street, 145-30 157th Street, 145-11 156th Street, 154-06 145th Drive, 156-15 146th Avenue in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019.
The property contains a total of 5,650 square feet of built space. The property has 4,820 square feet of available development rights.
The average loan per buildable square foot is $175.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Third loan package: Blackstone through PP Tango NY 2 LLC as borrower signed a loan agreement with lender New York Life Insurance Company valued at $13.3 million for 4 parcels, including the tax class fireproof warehouse (E1) at 149-40 182nd Street, 179-02 150th Avenue, 179-11 150th Road, 150-19 Guy R Brewer Blvd in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019.
The property contains a total of 20,800 square feet of built space. The property has 3,312 square feet of available development rights.
The average loan per buildable square foot is $133.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link