Mattone Investors signs $29M refi with Barclays for Home Depot-leased property in Jamaica

Mattone Investors through the entity 168th Street Jamaica LLC as borrower signed a refi loan with lender Barclays through the entity Barclays Capital Real Estate Inc valued at $29 million for nine properties including the retail building (K1) at 92-30 168th Street in Jamaica, Queens, retail building (K1) at 92-30 168th Street in Jamaica, Queens, and retail building (K1) at 92-30 168th Street in Jamaica, Queens. The site is leased to and occupied by Home Depot.
The deal closed on July 29, 2025 and was recorded on August 8, 2025. The prior lender was Series 2015-P2 and Principal Real Estate Investors which held debt that had an original loan amount of $25 million.

The nine properties have 136,856 square feet of built space and 693,024 square feet of additional air rights for a total buildable of 829,893 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $211 and the price per buildable square foot is $34 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 Mattone Investors was Michael X. Mattone . The signatory for Barclays was Issam Hamididdin.

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 received $2,135 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the nine buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $278.8 million in sales volume in the last two years and is the 7th highest in Queens. For development, Jamaica has 1.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 92-30 168th Street, PincusCo has identified the owners of five of the 25 commercial properties representing 59,810 square feet of the 279,635 square feet. The largest owner is Sol Goldman Investments, followed by Kenneth A. Zuckerman.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 279,635 square feet of built space are retail buildings, with mixed-use buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Mattone Investors owned at least three commercial properties in New York City with 134,917 square feet and a city-determined market value of $34 million. (Market value is typically about 50% of actual value.) The portfolio has $62.1 million in debt, with top three lenders as Bethpage Federal Credit Union, Mattone Investors, and Flushing Bank respectively. Within the portfolio, the bulk, or 78 percent of the 134,917 square feet of built space are retail properties, with mixed-use properties next occupying 22 percent of the space. The bulk, or 93 percent of the built space, is in Queens, with Brooklyn next at 7 percent of the space.

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