Bogopa, Shorewood sign $60M construction loan with Affinius for 125-unit project in Jackson Heights

Spencer An’s Bogopa Enterprises and Shorewood Real Estate Group through the entity BG Junction Realty LLC as borrower signed a new construction loan with lender Affinius Capital through the entity SM Finance III LLC valued at $60 million for the 125-unit residential elevator project (D6) at 34-20 Junction Boulevard in Jackson Heights, Queens.
The deal closed on July 11, 2025 and was recorded on August 4, 2025. The property has 129,247 square feet of built space and 9,728 square feet of additional air rights for a total buildable of 138,978 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $464 and the price per buildable square foot is $431 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 owner bought the property on February 6, 2020, for $21 million. The signatory for Spencer An’s Bogopa Enterprises was Edward Suh . The signatory for Affinius Capital was Beth Newman .

Spencer An owns the grocery chain Food Bazaar.

The property

The residential elevator building with 125 residential units in Jackson Heights has 129,247 square feet of built space and 9,728 square feet of additional air rights for a total buildable of 138,978 square feet according to a PincusCo analysis of city data. The parcel has frontage of 339 feet and is 158 feet deep with a total lot size of 46,326 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.1 million. The most recent loan totaled $85.7 million and was provided by JPMorgan Chase on February 6, 2020.

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 $32,500 in ECB penalties and $34,930 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 5, 2016. On the lot, there is one active new building construction project, Q00528155, for a 125-unit, 129,294 square-foot R-2 building. The project was submitted by Shorewood Real Estate Group and filed by Hugo Corvalan with plans filed June 4, 2021 and permitted January 31, 2024.

The block

On this tax block, PincusCo has identified the owners of nine of the 10 commercial properties representing 354,502 square feet of the 396,214 square feet. The largest owner is Pinnacle Group, followed by Robert Favata and then Spencer An.
On the tax block, there was one new building construction project filed totaling 129,294 square feet. It is a 125-unit, 129,294 square-foot residential (R-2) building submitted by Shorewood Real Estate Group and filed by Hugo Corvalan with plans filed June 4, 2021 and permitted December 22, 2021.

The majority, or 46 percent of the 396,214 square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Spencer An owned at least 13 commercial properties with 125 residential units in New York City with 372,367 square feet and a city-determined market value of $63 million. (Market value is typically about 50% of actual value.) The portfolio has $245.7 million in debt, with top three lenders as JPMorgan Chase, Spencer An, and Centennial Bank respectively. Within the portfolio, the bulk, or 55 percent of the 372,367 square feet of built space are retail properties, with industrial properties next occupying 26 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 34 percent of the space.

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