ICER Properties signs $14.2M refi with Citibank for office building in Jamaica

ICER Properties through the entity Slj Of Jamaica Ave LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc valued at $14.2 million for the office building (O5) at 162-24 Jamaica Avenue in Jamaica, Queens.
The deal closed on November 18, 2021 and was recorded on December 13, 2021.
The property has 38,255 square feet of built space and 9,851 square feet of additional air rights for a total buildable of 48,105 square feet according to PincusCo analysis of city data. The loan price per built square foot is $372 and the price per buildable square foot is $296 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 ICER Properties was Lawrence L. Jemal.

Within a 400-foot radius of 162-24 Jamaica Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 22, 2021 for the $1.1 million renovation of 471,648-square-foot M building with 0 residential units at 162-10 Jamaica Avenue.
Of those three items, two were loans above $5 million totaling $26.2 million. The most recent of the two was Faraj Srour which borrowed $19.6 million from New York Community Bank secured by the 68,880-square-foot, six-unit office building (O6) on 163-18 Jamaica Avenue on January 28, 2021.

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