Matthew Alexander Yang signs $28M construction loan for industrial in Long Island City

Matthew Alexander Yang through the entity Jnmy LLC as borrower signed a new construction loan with lender Ponce Bank valued at $28 million for the industrial building (E9) at 46-02 to 46-12 11th Street in Long Island City, Queens.

On the lot, there is one active new building construction project for a 44-unit, 55,924 square-foot R-2 building. The project was developed by Jim Yang with plans filed August 24, 2020 and permitted June 3, 2022.

The deal closed on September 23, 2022 and was recorded on September 29, 2022.
The signatory for Matthew Alexander Yang was Matthew Alexander Yang.

The property

The 46-02/46-12 11th Street parcel has frontage of 99 feet and is 125 feet deep with a total lot size of 12,500 square feet. The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $20,485 in ECB penalties and $20,690 in OATH penalties in the last year.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 55,924 square feet. It is a 44-unit, 55,924-square-foot R-2 building developed by Jim Yang with plans filed August 24, 2020 and permitted June 3, 2022.

The majority, or 82 percent of the 128,095 square feet of built space are industrial buildings, with mixed-use buildings next occupying 12 percent of the space.

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