Golden East Investors buys $53.5M note secured by NYC industrial

Golden East Investors through the entity Northeast Bank bought a note with an original principal of $53.5 million from Elliott Investment Management secured by John Quadrozzi Jr.’s industrial building (E9) at 685 Columbia Street in Brooklyn, specialty property (Z9) on Hessler Avenue in Arverne, Queens, and the industrial property (F1) at 73-02 Amstel Boulevard in Arverne, Queens.
The deal closed on October 30, 2025 and was recorded on November 12, 2025. The prior lender was Elliott Investment Management which held debt that had an original loan amount of $53.5 million.The four properties have 43,822 square feet of built space and 4,019,861 square feet of additional air rights for a total buildable of 4,065,323 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $zero and the price per buildable square foot is $zero 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 Golden East Investors was Orah Mansher . To finance the loan purchase, Golden East Investors borrowed an undisclosed amount from Northeast Bank.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 685 Columbia Street.

Prior sales and revenue

Out of the four properties, two with a total of 43,822 square feet of built space generated revenue of $1.8 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block

On the tax block of 685 Columbia Street, PincusCo has identified the owner of the one commercial property that spans that spans 38,122 square feet on the block. The identified owner is John Quadrozzi Jr..
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that John Quadrozzi Jr. owned at least four commercial properties in New York City with 43,822 square feet and a city-determined market value of $14.6 million. (Market value is typically about 50% of actual value.) The portfolio has $93.5 million in debt, borrowed from Elliott Investment Management and Emerald Creek Capital. Within the portfolio, the bulk, or 100 percent of the 43,822 square feet of built space are industrial properties, with specialty properties next occupying 0 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 13 percent of the space.

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