G Holdings signs $30M refi with Brookfield for hotel in LIC

The Gross family’s G Holdings through the entity Granite QP Hotel LLC as borrower signed a refi loan with lender Brookfield Properties through the entity B UL LLC valued at $30 million for the hotel condo at 29-11 Queens Plaza North in Long Island City, Queens.
The deal closed on December 17, 2025 and was recorded on December 19, 2025. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $36 million.The property has 76,699 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $391 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 G Holdings was Etai Gross. The signatory for Brookfield Properties was Laura Stepp .

The property

The hotel condo in Long Island City has 76,699 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 76,699 square feet. The city-designated market value for the property in 2022 is $22.3 million.

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 not received any significant violations 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 neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.2 times the average sales volume among other neighborhoods with $961.1 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 272,710 square feet of the 293,560 square feet. The largest owner is Lightstone Group, followed by DSA Property Group and then SB Development Group.
On the tax block, there was one new building construction project filed totaling 165,614 square feet. It is a 86-unit, 165,614 square-foot residential (R-2) building submitted by SB Development Group and filed by Roni Benjamini with plans filed April 4, 2018 and permitted December 4, 2019.

The majority, or 64 percent of the 293,560 square feet of built space are elevator buildings, with hotel buildings next occupying 34 percent of the space.

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