Fairfield Properties signs $11.6M refi with Citibank for 104-unit rental in Far Rockaway

Fairfield Properties through the entity Fairfield Beach 9th LLC as borrower signed a refi loan with lender Citibank valued at $11.6 million for the 104-unit residential elevator building (D1) at 7-07 Beach 9th Street in Far Rockaway, Queens.
The deal closed on October 6, 2025 and was recorded on November 10, 2025. The prior lender was TD Bank which held debt that had an original loan amount of $15.2 million.The property has 83,730 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $137 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 October 19, 2018, for $2.7 million. The signatory for Fairfield Properties was Michael Broxmeyer. The signatory for Citibank was Kitty Yen.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Gary Broxmeyer, head officer and Valon Ibraj, agent. The business entity is Fairfield Beach 9th Llc. The 83,730-square-foot property generated revenue of $2.3 million or $27 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 104 residential units in Far Rockaway has 83,730 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 204 feet deep with a total lot size of 39,096 square feet. The lot is irregular. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.4 million. The property has 104 rent regulated units according to city tax records from 2023.

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 $2,500 in ECB penalties, 81 housing violations, and $2,800 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 block

On the tax block, there was one new building construction project filed totaling 6,841 square feet. It is a 6,841 square-foot 54 building submitted by Kehilas Beis Yisroel and filed by Kehilas Beis Yisroel with plans filed August 2, 2023 and permitted May 28, 2024.

The majority, or 85 percent of the 97,959 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

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