Golden Globe Real Estate signs $6.8M refi for retail in East Elmhurst

The Astoria-based Golden Globe Real Estate Management through the entity 99 G.G.S. Realty Corp. as borrower signed a refi loan with lender Citizens Bank valued at $6.8 million for the retail building (K2) at 99-10 Astoria Boulevard in East Elmhurst, Queens.
The deal closed on August 27, 2025 and was recorded on September 15, 2025. The prior lender was BankUnited which held debt that had an original loan amount of $8.3 million.The property has 17,385 square feet of built space and 43,632 square feet of additional air rights for a total buildable of 61,024 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $394 and the price per buildable square foot is $112 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 Globe Real Estate Management was Farid Jaber . The signatory for Citizens Bank was Arthur W. Chiu.

Prior sales and revenue

The 17,385-square-foot property generated revenue of $525,201 or $30 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in East Elmhurst has 17,385 square feet of built space and 43,632 square feet of additional air rights for a total buildable of 61,024 square feet according to a PincusCo analysis of city data. The parcel has frontage of 234 feet and is 179 feet deep with a total lot size of 30,512 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 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 received $80 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 neighborhood

In East Elmhurst, The bulk, or 48 percent of the 2 million square feet of commercial built space are hotel buildings, with specialty buildings next occupying 17 percent of the space. In sales, East Elmhurst has the 54th highest sale turnover among other neighborhoods in Queens with $6.3 million in sales volume in the last two years. For development, East Elmhurst has had very little major development activity relative to other neighborhoods.It had 17,852 square feet of commercial and multi-family construction under development in the last two years, which represents 0.91 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 17,385 square feet of built space are mixed-use buildings, with specialty buildings next occupying 0 percent of the space.

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