Clutter signs $37.8M refi loan with FS Investments for storage in Astoria

Clutter through the entity 30-46 Northern Blvd Storage LLC as borrower signed a refi loan with lender FS Investments through the entity Fs Creit Originator LLC valued at $37.8 million for the industrial (E7) at 30-36 Northern Boulevard in Astoria, Queens.
The deal closed on September 9, 2021 and was recorded on September 21, 2021.
Clutter signed a $23.8 million loan with FS Investments for storage in East Flatbush that was recorded September 20.
The property has 133,512 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $283 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 September 19, 2019, for $32.3 million.
The signatory for Clutter was Cameron Maloney.
(420490908)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 1, 2015. (420490908) Plans for a 118,101 square-foot storage S-1 were filed on October 6, 2011 and were permitted on November 13, 2013.

Within a 400-foot radius of 30-36 Northern Boulevard, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on August 24, 2020 for a 156,895-square-foot S-1 building with no residential unit at 31-28 Northern Blvd.
Of those four items, two were loans above $5 million totaling $69 million. The most recent of the two was Shibber Khan and Criterion Group which borrowed $15 million from New York Community Bank secured by the 248,681-square-foot, one-unit industrial (E7) on 31-08 Northern Boulevard on April 30, 2021.

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