Cammeby’s International Group signs $70M refi loan with Citibank for office in Kew Gardens

Cammeby’s International Group through the entity 80-02 Fee Owner LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $70 million for the office building (O6) at 80-02 Queens Boulevard in Kew Gardens, Queens.
The deal closed on October 1, 2025 and was recorded on October 31, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $78.7 million.The property has 514,975 square feet of built space according to a PincusCo analysis of city data. The loan price per built 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 Cammeby’s International Group was Edward Zimmerman. The signatory for Citibank was Ana Rosu Marmann .

Prior sales and revenue

The 514,975-square-foot property generated revenue of $15.9 million or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Kew Gardens has 514,975 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 248 feet and is 270 feet deep with a total lot size of 67,200 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $65.6 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 two DOB violations and $8,875 in OATH penalties 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 Kew Gardens, The bulk, or 47 percent of the 6.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Kew Gardens has the 28th highest sale turnover among other neighborhoods in Queens with $53.9 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 441,677 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 107,364 square feet of the 744,184 square feet. The largest owner is Alexander Hajibay, followed by Michael Wilner and then Zoya Liliav.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 744,184 square feet of built space are office buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Cammeby’s International Group owned at least 131 commercial properties with 16,762 residential units in New York City with 16,834,535 square feet and a city-determined market value of $2 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 16,834,535 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 52 percent of the built space, is in Queens, with Brooklyn next at 29 percent of the space.

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