Maxie Development signs $17.9M refi with Berkeley Point for 41-unit mixed-use in LIC

Maxie Development through the entity 3610 31st Associates LLC as borrower signed a refi loan with lender Berkeley Point Capital through the entity Berkeley Point Capital LLC valued at $17.9 million for a mixed-used building divided into three commercial condominium units with 41 residential units, a retail unit and a garage unit at 36-10 31st Street in Long Island City, Queens.
The deal closed on April 18, 2025 and was recorded on April 22, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $15.6 million.The three properties have 38,968 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $459 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 Maxie Development was Bessie Giannopoulos. The signatory for Berkeley Point Capital was Ashby Gatens.

The property

The rental condo with 41 residential units in Long Island City has 38,968 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,677 square feet. The city-designated market value for the property in 2022 is $5.6 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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 36-10 31st Street, PincusCo has identified the owners of 12 of the 22 commercial properties representing 56,195 square feet of the 107,135 square feet. The largest owner is Enrico Fortini, followed by Maxie Development and then Ciro Ruggiero.
On the tax block, there were three new building construction projects totaling 30,999 square feet. The largest is a 20-unit, 14,244 square-foot residential (R-2) building submitted by Roy Chi and filed by Roy Chi with plans filed August 24, 2023 and it has not been permitted yet. The second largest is a 10-unit, 8,871 square-foot residential (R-2) building submitted by Fotios Sotiropoulos with plans filed May 29, 2019 and it has not been permitted yet.

The majority, or 34 percent of the 107,135 square feet of built space are walkup buildings, with industrial buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Maxie Development owned at least one commercial property in New York City with 9,000 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio has $49.2 million in debt, borrowed from Bank Leumi and New York Community Bank. The portfolio consists of at least a single retail property. It is located in Queens.

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