Blumenfeld Development Group signs $40M refi for retail in Jackson Heights, Home Depot tenant

Blumenfeld Development Group through the entity BCC II, LLC as borrower signed a refi loan with lender U.S. Bank valued at $40 million for the retail building (K8) at 71-01 25th Avenue in Jackson Heights, Queens. Home Depot occupies a large portion of the space.
The deal closed on December 10, 2025 and was recorded on December 19, 2025. The prior lender was NYS Common Retirement Fund which held debt that had an original loan amount of $22.5 million. The property has 132,944 square feet of built space and 162,850 square feet of additional air rights for a total buildable of 294,808 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $300 and the price per buildable square foot is $135 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 Blumenfeld Development Group was Brad Blumenfeld . The signatory for U.S. Bank was Jeffrey T. Genuino.

Prior sales, articles and revenue

The two properties with a total of 132,944 square feet of built space generated revenue of $3.2 million per year or $24 per square foot.

The property

The retail building in Jackson Heights has 132,944 square feet of built space and 162,850 square feet of additional air rights for a total buildable of 294,808 square feet according to a PincusCo analysis of city data. The parcel has frontage of 199 feet and is 496 feet deep with a total lot size of 189,196 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $17 million.

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 $1,385 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project, Q01083986, for a 29,906 square-foot 69 building. The project was submitted by Brad Blumenfeld with plans filed September 4, 2024 and permitted September 27, 2024.

The neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has 1.4 times the average sales volume among other neighborhoods with $418.8 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 305,157 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 71-01 25th Avenue, PincusCo has identified the owners of three of the three commercial properties representing 612,944 square feet of the 612,944 square feet. The identified owner is Blumenfeld Development Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 612,944 square feet of built space are office buildings, with retail buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Blumenfeld Development Group owned at least eight commercial properties with three residential units in New York City with 2,011,045 square feet and a city-determined market value of $431.6 million. (Market value is typically about 50% of actual value.) The portfolio has $179.8 million in debt, with top three lenders as AIG, Invesco, and 3650 REIT respectively. Within the portfolio, the bulk, or 44 percent of the 2,011,045 square feet of built space are industrial properties, with retail properties next occupying 32 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Queens next at 43 percent of the space.

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