Blake Partners borrows $14M from Principal Real Estate Investors for property in Long Island City

Blake Partners through the entity Review Associates, LLC as borrower signed a loan agreement with lender Principal Real Estate Investors through the entity U.S. Commercial Mortgage Loan Portfolio, A Series valued at $14.0 million for 1 parcel, including the tax class fireproof warehouse (E1) at 38-20 Review Avenue in Long Island City. The deal closed on September 24, 2019 and was recorded on September 27, 2019.
The property contains a total of 302,677 square feet of built space. The property has 31,803 square feet of available development rights.
The average loan per buildable square foot is $42.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,230,504. There was one renovation/alteration project (A2) applied for with a total estimated value of $96,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link