Dynamic Star signs $38.5M refi with Columbia Pacific for industrial in Long Island City

Dynamic Star through the entity AAGS Holdings LLC as borrower signed a refi loan with lender Columbia Pacific Advisors through the entity Cpif Mra, LLC valued at $38.5 million for the industrial (F2) at 23-10 Queens Plaza South in Hunters Point/Long Island City, Queens.
The deal closed on December 3, 2021 and was recorded on December 17, 2021.
The property has 108,000 square feet of built space and 96,560 square feet of additional air rights for a total buildable of 204,544 square feet according to PincusCo analysis of city data. The loan price per built square foot is $356 and the price per buildable square foot is $188 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 November 20, 2019, for $27.5 million.
The signatory for Dynamic Star was Gary Segal.

Gary Segal is CEO of Dynamic Star.

Within a 400-foot radius of 23-10 Queens Plaza South, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on July 15, 2021 for a 163,147-square-foot R-2 building with 240 residential units at 23-02 42nd Road.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 24, 2019 for the $15 million renovation of an  R-2 building with 109 residential units at 24-16 Queens Plaza South.
Of those four items, two were sales above $5 million totaling $64.2 million. The most recent of the two was Botanic Properties and Carlyle Group which bought the 74,105-square-foot, one-unit industrial (W4) on 24-02 Queens Plaza South for $40.0 million from Atlas Capital Group on September 17, 2020.

Direct link to Acris document. link