KS Group signs $300M construction loan with S3 Capital for 4 projects in Astoria

KS Group along with Alma Realty Group signed two construction loans totaling $300 million with S3 Capital for four development parcels in Astoria, Queens, in two separate transactions.

In the first, KS Group and Alma Realty Group through the entity Ks Astoria Holdings LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Astoria Cove I Funding LLC valued at $206 million for two development properties at 8-01 26th Avenue and at 8-51 26th Avenue.
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 124,245 square feet. The largest, Q00646754, is a new building project for a 90-unit, 89,162 square-foot R-2 building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and it has not been permitted yet. The second largest, Q00646756, is a new building project for a 241-unit, 35,083 square-foot R-2 building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and it has not been permitted yet.

In the second, KS Group and Alma Realty Group through the entity Ks Astoria Holdings LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Astoria Cove I Funding LLC valued at $94 million for two properties with 61 residential units including the development building (V1) at 4-57 26th Avenue and 61-unit residential elevator building (D6) at 4-34 26th Avenue.

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 137,848 square feet. The largest, Q00646746, is a new building project for a 61-unit, 81,627 square-foot R-2 building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and permitted November 29, 2024. The second largest, Q00646751, is a new building project for a 77-unit, 56,221 square-foot R-2 building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and permitted January 16, 2025.

The deals closed on March 21, 2025 and were recorded on April 17, 2025.

The signatory for KS Group and Alma Realty Group was Daniel Spiegel. The signatory for S3 Capital was Joshua Crane . These loans totaling $300 million are for a portion of a larger project, according to the Commercial Observer.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.4 times the average sales volume among other neighborhoods with $639.2 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 8-01 26th Avenue, PincusCo has identified the owners of two of the two commercial properties representing 27,500 square feet of the 27,500 square feet. The identified owner is Ks Group.
On the tax block, there were two new building construction projects totaling 124,245 square feet. The largest is a 90-unit, 89,162 square-foot residential (R-2) building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and it has not been permitted yet. The second largest is a 241-unit, 35,083 square-foot residential (R-2) building submitted by Cape Advisors and filed by David Kronman with plans filed January 13, 2022 and it has not been permitted yet.

All properties are industrial.

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