BLDG Management signs $425M construction loan for 818-unit project in LIC

Lloyd Goldman’s BLDG Management through the entity BLDG Orchard LLC as borrower signed a new construction loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $425 million for the 818-unit development project at 42-02 Orchard Street in Long Island City, Queens.
On this lot there is a 818-unit, 650,090 square-foot, 69-story residential (R-2) building submitted by BLDG Management and filed by Jonathan Zane with plans filed June 15, 2021 and permitted May 10, 2022.
The deal closed on June 15, 2023 and was recorded on June 30, 2023.
The signatory for BLDG Management was Lloyd Goldman

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50,000 in ECB penalties in the last year.

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 the 9th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 10 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 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 this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 210,558 square feet on the block.The identified owner is BLDG Management.
On the tax block, there were two new building construction projects totaling 659,709 square feet. The largest is a 818-unit, 650,090 square-foot residential (R-2) building submitted by BLDG Management and filed by Jonathan Zane with plans filed June 15, 2021 and permitted May 10, 2022. The second largest is a 9,619 square-foot residential (R-2) building submitted by BLDG Management and filed by Jonathan Zane with plans filed July 7, 2021 and permitted March 7, 2023.

All properties are industrial.

The borrower

The PincusCo database currently indicates that BLDG Management owned at least 170 commercial properties with 3,885 residential units in New York City with 5,603,690 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 5,603,690 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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