BrightSpire Capital sells LIC office building for $21.5M in REO transaction

The entity Blanchard 2109 LLC in care of Law Offices of Stephen Goldstein paid $21.5 million through a “real estate owned” sale to BrightSpire Capital through the entity BRSP Blanchard LIC, LLC for the office building (O6) at 21-09 Borden Avenue in Long Island City, Queens.
The deal closed on December 18, 2025 and was recorded on December 30, 2025. The property has 168,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $127 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 seller acquired the property as its former lender. The signatory for BrightSpire Capital was David A. Palame . The signatory for the Law Offices of Stephen Goldstein registered entity was Stephen Goldstein . The contract date was November 12, 2025.

The property

The office building in Long Island City has 168,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 180 feet deep with a total lot size of 31,500 square feet. The zoning is M3-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $31.7 million.

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 $2,985 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 420658513, for a 169,592 square-foot B building. The project was submitted by Patrick Sweeney with plans filed October 5, 2016 and permitted March 31, 2017.

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 3.2 times the average sales volume among other neighborhoods with $948.5 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 205,800 square feet of the 297,300 square feet. The two identified owners are Brightspire Capital and Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 297,300 square feet of built space are office buildings, with industrial buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Brightspire Capital owned at least two commercial properties in New York City with 297,087 square feet and a city-determined market value of $56.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Queens.

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