Marx Development signs $105.6M refi at TASE for dev site in Flushing

Marx Development Group through the entity Utopia Realty, L.L.C. as borrower signed a refi loan with lender Tel Aviv Stock Exchange bondholders through the entity Mishmeret Trust Company Ltd valued at $105.6 million for two development properties including the development site (V0) at approximately  71-21 Parsons Boulevard and the development site (V0) at approximately 71-20 160th Street in Flushing, Queens.

On these lots, there is one active new building construction project, 421694857, for a 800-unit, 666,860 square-foot residential (R-2) building. The project was submitted by Marx Development Group and filed by David Marx with plans filed August 12, 2019 and it has not been permitted yet.
The new loan closed on January 7, 2026 and was recorded on January 29, 2026. The prior lender was Mack Real Estate Group which held debt that had an original loan amount of $67 million.The two properties have zero square feet of built space and 257,917 square feet of additional air rights for a total buildable of 257,917 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $409 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 Marx Development Group was David Marx . The signatory for Tel Aviv Stock Exchange bondholders was Hillel Lazarus .

The property

The parcel has frontage of 208 feet and is 250 feet deep with a total lot size of 65,599 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.6 times the average sales volume among other neighborhoods with $833.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of N/A 159th Street, PincusCo has identified the owners of five of the five commercial properties representing 383,531 square feet of the 383,531 square feet. The two identified owners are Marx Development Group and New York Police Department.
On the tax block, there was one new building construction project filed totaling 791,277 square feet. It is a 800-unit, 791,277 square-foot residential (R-2) building submitted by Marx Development Group and filed by David Marx with plans filed August 12, 2019 and it has not been permitted yet.

The majority, or 55 percent of the 383,531 square feet of built space are elevator buildings, with specialty buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Marx Development Group owned at least 13 commercial properties with 408 residential units in New York City with 1,306,349 square feet and a city-determined market value of $298.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1 billion in debt, with top three lenders as Mack Real Estate Group, Rialto Capital, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 44 percent of the 1,306,349 square feet of built space are elevator properties, with specialty properties next occupying 33 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

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