Grubb Properties signs $25M initial loan with Emerald Creek for 317-unit LIC dev site

Grubb Properties through the entity Queens Plaza North New York, LLC as borrower signed a initial loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $25 million for two properties including 41-34 27th Street in Long Island City, Queens.
The deal closed on December 16, 2021 and was recorded on January 5, 2022.
Grubb Properties, on August 23, 2021, filed a permit application for construction of a 317-unit, 240,611-square-foot mixed-use building at 41-34 27th Street in Long Island City, Queens. Brian Bradley of Grubb Properties filed the plans.
The two properties have 54,000 square feet of built space and 175,660 square feet of additional air rights for a total buildable of 229,660 square feet according to PincusCo analysis of city data. The loan price per built square foot is $462 and the price per buildable square foot is $108 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 Grubb was James M. Hochman.
James M. Hochman is CFO of Grubb. 
Within a 400-foot radius of 25-01 Queens Plaza North, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 23, 2020 for the $318,500 renovation of 8,680-square-foot M building with no residential units at 27-14 Queens Plaza South.
Of those six items, five were loans above $5 million totaling $112 million. The most recent of the five was Shunqian Liu which borrowed $8.5 million from Berkshire Bank secured by the 25,371-square-foot, 31-unit rental (D7) on 41-14 27th Street on April 20, 2021.

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