JTS Capital buys $2.5M note secured by Hakimian Org’s LIC mixed-use

Waco, Texas-based JTS Capital Group through the entity JTS Capital 3 LLC bought a note with an original principal of $2.5 million from Sterling National Bank secured by the Hakimian Organization’s mixed-use building (K4) at 44-16 23rd Street in Long Island City, Queens.
The deal closed on June 23, 2021 and was recorded on July 7, 2021.
The property has 20,800 square feet of built space and 0 square feet of additional air rights for a total buildable of 20,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $0 per the PincusCo analysis.
(421304252)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 27, 2019.
JTS is an “alternative asset acquisition and management company”. They purchase, among other things sub and non-performing commercial real estate loans, according to the firm’s website.

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