Blackstone Group signs $68.5M initial loan for four industrial properties in Unionport

Blackstone Group through the entity B9 Commerce Owner LLC as borrower signed a initial loan with lender Wells Fargo , Bank of America , Societe Generale , and Natixis valued at $68.5 million for four industrial properties including the industrial building (F4) at 1170 Commerce Avenue in Unionport, Bronx, industrial building (E9) at 1150 Commerce Avenue in Unionport, Bronx, and industrial building (F4) at 1180 Commerce Avenue in Unionport, Bronx.
The deal closed on August 6, 2025 and was recorded on August 20, 2025. The four properties have 178,111 square feet of built space and 139,678 square feet of additional air rights for a total buildable of 317,950 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $384 and the price per buildable square foot is $215 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 .

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 $6,800 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 Unionport, The bulk, or 32 percent of the 6.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Unionport has had very little sales volume relative to other neighborhoods with $141.7 million in sales volume in the last two years. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 686,308 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 1170 Commerce Avenue, PincusCo has identified the owners of 10 of the 19 commercial properties representing 202,056 square feet of the 293,176 square feet. The largest owner is Blackstone Group, followed by City Of New York and then Simone Development Companies.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 293,176 square feet of built space are industrial buildings, with office buildings next occupying 11 percent of the space.

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 $2.5 billion in debt, with top three lenders as Morgan Stanley, Wells Fargo, and NYC Housing Development Corporation 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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