Fortress buys $40.4M debt secured by North River Company’s LIC commercial building

Fortress Investment Group through the entity Fortress Credit Co LLC purchased debt with a face value of $40.4 million from Granite Partners Mortgage Trust secured by North River Company’s two parcels, including the tax class fireproof warehouse (E1) at 48-49 35th Street and 48-39 35th Street in Long Island City. The deal closed on July 30, 2020 and was recorded on September 18, 2020.
The property has 280,660 square feet of built space and available development rights. The building is being marketed as Commerce LIC.

The 2018 loan was composed of a $33.66 million land loan, a $5.4 million building loan and a $1.4 million project loan to rehab the industrial building. The last time the property sold was when North River Company bought it on December 18, 2018, for $72 million.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,228,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $3,256,063.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link