CBRE Investment Management signs $52.4M refi with Blackstone for industrial in Sunset Park

CBRE Investment Management through the entity Uslp Sunset Park, LLC as borrower signed a refi loan with lender Blackstone Group through the entity Re Bdc Loans Cl, LLC valued at $52.4 million for the industrial building (E1) at 5112 2nd Avenue in Sunset Park, Brooklyn.
The deal closed on March 30, 2026 and was recorded on April 17, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $34.6 million. The property has 187,465 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $279 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 23, 2021, for $85 million. The signatory for CBRE Investment Management was Ty Gerschick . The signatory for Blackstone Group was Tony Labarbera .

Prior sales, articles and revenue

The 187,465-square-foot property generated revenue of $4.4 million or $24 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Sunset Park has 187,465 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 449 feet deep with a total lot size of 89,400 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $24 million. Blackstone Group on March 30, 2026 bought a loan with an original principal of $34.6 million from JPMorgan Chase signed by John Cary, secured by 5112 2nd Avenue, when owned by CBRE Investment Management .

Transaction Participants

Aaron Beim at Gibson, Dunn & Crutcher LLP participated in the transaction on behalf of the lender.

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 Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has near average sales volume among other neighborhoods with $370.3 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 873,554 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.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 187,465 square feet of the 237,121 square feet. The identified owner is Cbre Investment Management.
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Cbre Investment Management owned at least 13 commercial properties with 642 residential units in New York City with 688,417 square feet and a city-determined market value of $488.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 96 percent of the 688,417 square feet of built space are industrial properties, with D1 properties next occupying 1 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Bronx next at 3 percent of the space.

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