Madison Realty Capital signs $175M construction loan with Athene for development in Maspeth

Madison Realty Capital through the entity Qb Development Owner LLC as borrower signed a new construction loan with lender Athene Annuity And Life Company, an affiliate of Apollo Global Management, valued at $175 million for a development at 46-15 69th Street and 69-02 Queens Boulevard in Maspeth, Queens.

On December 13, 2021, Madison Realty filed plans for a 279,331-square-foot R-2 building with 295 residential units at 46-09 69th Street.
The deal closed on November 9, 2021 and was recorded on January 11, 2022. The prior lender was ConnectOne Bank which held debt that had an original loan amount of $33.6 million.
The two properties have 0 square feet of built space and 359,310 square feet of additional air rights for a total buildable of 359,310 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $487 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 Madison Realty Capital was David Speiser. The signatory for Athene Annuity And Life Company was Joseph D. Glatt.

David Speiser is general counsel for Madison Realty Capital. Athene is managed by Apollo Global Management.
In Maspeth, the majority, or 46 percent of the 38.7 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume in the city with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 78 percent of the 115,465 square feet of built space are residential elevator buildings, with industrial buildings next occupying 9 percent of the space.
Within a 400-foot radius of 46-15 69th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on
One of those two items was a loan which Xiao Ke Tang borrowed $23.5 million from Popular Bank secured by the 89,935-square-foot, 76-unit rental (D6) on 46-02 70th Street on August 14, 2020.

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