Blackstone Group signs $43.1M refi with Wells Fargo for LIC industrial

Blackstone Group through the entity B9 Hunters Point Owner LLC as borrower signed a refi loan with lender Wells Fargo valued at $43.1 million for three adjacent industrial properties including the building (F1) at 49-33 31st Place,  (F9) at 31-30 Hunters Point Avenue, and (F9) at 31-35 31st Place in Long Island City, Queens.
The deal closed on July 9, 2025 and was recorded on July 16, 2025. The prior lender was Series 2022-MVRK which held debt that had an original loan amount of $43.1 million. The three properties have 108,185 square feet of built space and 60,123 square feet of additional air rights for a total buildable of 168,350 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $397 and the price per buildable square foot is $255 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 Blackstone Group was Brian Lin . The signatory for Wells Fargo was Samuel Roy .

Prior sales and revenue

The three properties with a total of 108,185 square feet of built space generated revenue of $2.6 million per year or $24 per square foot.

The property

The industrial building in Long Island City has 108,185 square feet of built space and 60,123 square feet of additional air rights for a total buildable of 168,350 square feet according to a PincusCo analysis of city data. The parcel has frontage of 416 feet and is 120 feet deep with a total lot size of 50,000 square feet. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.2 million. The most recent loan totaled $43.1 million and was provided by Barclays on March 11, 2022.

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 one DOB violation and $1,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.8 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 49-33 31st Place, PincusCo has identified the owners of three of the five commercial properties representing 108,185 square feet of the 171,611 square feet. The identified owner is Blackstone Group.
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Blackstone Group owned at least 45 commercial properties with 14,164 residential units in New York City with 20,721,441 square feet and a city-determined market value of $4.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Morgan Stanley, NYC Housing Development Corporation, and Wells Fargo respectively. Within the portfolio, the bulk, or 73 percent of the 20,721,441 square feet of built space are elevator properties, with office properties next occupying 21 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.

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