Broadfield Realty buys $23.5M note secured by AB Capstone building in Bellerose

Broadfield Realty Capital through the entity Jericho Turnpike 1 LLC bought a note with an original principal of $23.5 million from Madison Realty Capital secured by AB Capstone’s office building (O5) at 251-77 Jericho Turnpike in Bellerose Manor, Queens.
The deal closed on January 23, 2025 and was recorded on March 7, 2025. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $23.5 million.The property has 84,352 square feet of built space according to a PincusCo analysis of city data.
The owner bought the property on July 21, 2014, for $2.5 million. The signatory for AB Capstone was Meir Babaev .

Prior sales and revenue

The 84,352-square-foot property generated revenue of $4.3 million or $51 per square foot, according to the most recent income and expense figures.

The property

The office building in Bellerose Manor has 84,352 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 190 feet and is 134 feet deep with a total lot size of 28,406 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $19.9 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 $350 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 421087157, for a 58,368 square-foot B building. The project was submitted by AB Capstone and filed by Meir Babaev with plans filed March 11, 2015 and permitted February 1, 2017.

The neighborhood

In Bellerose Manor, The majority, or 72 percent of the 3.2 million square feet of commercial built space are specialty buildings, with retail buildings next occupying 11 percent of the space. In sales, Bellerose Manor has the 59th highest sale turnover among other neighborhoods in Queens with $3.3 million in sales volume in the last two years. For development, Bellerose Manor has had very little major development activity relative to other neighborhoods.It had 272,413 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 37 commercial properties representing 84,352 square feet of the 272,325 square feet. The identified owner is Meir Babaev.
On the tax block, there was one new building construction project filed totaling 58,368 square feet. It is a 58,368 square-foot business (B) building submitted by AB Capstone and filed by Meir Babaev with plans filed March 11, 2015 and permitted February 1, 2017.

The majority, or 49 percent of the 272,325 square feet of built space are industrial buildings, with office buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Ab Capstone owned at least eight commercial properties with 10 residential units in New York City with 326,723 square feet and a city-determined market value of $48.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 45 percent of the 326,723 square feet of built space are specialty properties, with retail properties next occupying 30 percent of the space. The bulk, or 55 percent of the built space, is in Queens, with Bronx next at 45 percent of the space.

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