CBRE Investment Management signs $95.9M refi with Blackstone for industrial in East New York
CBRE Investment Management through the entity Uslp Brooklyn Logistics Center, Lp as borrower signed a refi loan with lender Blackstone Group through the entity Re Bdc Loans Cl, LLC valued at $95.9 million for three industrial properties including the industrial building (E1) at 12555 Flatlands Avenue in East New York, Brooklyn, industrial building (E1) at 12595 Flatlands Avenue in East New York, Brooklyn, and industrial building (G7) at 771 Montauk Avenue in East New York, Brooklyn.
The deal closed on March 30, 2026 and was recorded on April 21, 2026. The prior lender was Bank of America which held debt that had an original loan amount of $106.1 million. The three properties have 211,098 square feet of built space and 22,000 square feet of additional air rights for a total buildable of 216,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $454 and the price per buildable square foot is $444 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 CBRE Investment Management was Ty Gerschick . The signatory for Blackstone Group was Tony Labarbera .
The property
The industrial building in East New York has 211,098 square feet of built space and 22,000 square feet of additional air rights for a total buildable of 216,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 485 feet deep with a total lot size of 97,000 square feet. 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 $33.5 million. Blackstone Group on March 30, 2026 bought a loan with an original principal of $106.1M from Bank Of America signed by Alexandra Soong , secured by 12555 Flatlands Avenue, 12595 Flatlands Avenue, and 771 Montauk Avenue, when owned by CBRE Investment Management .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 in OATH penalties in the last year.
Development
For the tax lot buildings, three out of the three buildings received a initial certificate of occupancy in the last ten years. 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 East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has near average sales volume among other neighborhoods with $381.3 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East New York has 2.9 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were 66 pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On the tax block of 12555 Flatlands Avenue, PincusCo has identified the owner of the one commercial property that spans that spans 105,549 square feet on the block.The identified owner is Cbre Capital Markets.
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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