Bridge Industrial signs $44.2M initial loan with PGIM for industrial in Maspeth

Bridge Industrial through the entity Bp New York 2, LLC as borrower signed a initial loan with lender PGIM Real Estate through the entity PGIM Real Estate U.S. Debt Fund REIT LLC valued at $44.2 million for the industrial building (E1) at 58-95 Maurice Avenue in Maspeth, Queens.
The deal closed on December 6, 2024 and was recorded on December 11, 2024. The property has 127,587 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $346 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 December 19, 2023, for $57 million. The signatory for Bridge Industrial was Sean Zasche. The signatory for Pgim Real Estate was John Jacobs.

The property

The industrial building in Maspeth has 127,587 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 627 feet and is 235 feet deep with a total lot size of 122,137 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 $13.4 million. The most recent loan totaled $24 million and was provided by Aresif Lender Llc on July 18, 2019.

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 not received any significant violations in the last year.

Development

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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.2 times the average sales volume among other neighborhoods with $312.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 444,992 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 were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 127,587 square feet of the 145,601 square feet. The identified owner is Bridge Industrial.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 145,601 square feet of built space are industrial buildings, with retail buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Bridge Industrial owned at least two commercial properties in New York City with 142,717 square feet and a city-determined market value of $15.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. The bulk, or 89 percent of the built space, is in Queens, with Brooklyn next at 11 percent of the space.

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