Mordechai Schwimmer signs $34.2M construction loan for 89-unit project in Astoria

Mordechai Schwimmer through the entity LIC 38 Realty LLC as borrower signed a new construction loan with lender BridgeCity Capital through the entity BCC Funding CRF LLC valued at $34.2 million for the 89-unit development site at 34-20 38th Street in Astoria, Queens.

On this site, there is one active new building construction project, Q01150703, for a 89-unit, 63,880 square-foot residential (R-2) building. The project was submitted by Mordechai Schwimmer and filed by Mordechai Schwimmer with plans filed January 2, 2025 and it has not been permitted yet.
The deal closed on May 22, 2025 and was recorded on May 30, 2025. The loan price per the project’s planned square feet is $535 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 Mordechai Schwimmer was Mordechai Schwimmer.

Schwimmer bought the site last month for $12 million.

Prior sales and revenue

Out of the five properties, two with a total of 10,871 square feet of built space generated revenue of $112,582 per year.

The property

The industrial building in Astoria has 10,871 square feet of built space and 35,845 square feet of additional air rights for a total buildable of 46,728 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 103 feet deep with a total lot size of 2,585 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $344,000.

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 $2,500 in ECB penalties and $3,150 in OATH penalties in the last year.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.4 times the average sales volume among other neighborhoods with $659 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 34-24 38th Street, PincusCo has identified the owners of seven of the 11 commercial properties representing 98,521 square feet of the 127,557 square feet. The largest owner is Parkoff Organization, followed by Anthony Coutsoukes and then Angelo Chiarelli.
On the tax block, there were two new building construction projects totaling 81,887 square feet. The largest is a 89-unit, 63,880 square-foot residential (R-2) building submitted by Mordechai Schwimmer and filed by Mordechai Schwimmer with plans filed January 2, 2025 and it has not been permitted yet. The second largest is a 25-unit, 18,007 square-foot residential (R-2) building submitted by Nelson Leong with plans filed August 24, 2021 and permitted June 3, 2022.

The majority, or 54 percent of the 127,557 square feet of built space are retail buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Mordechai Schwimmer owned at least 13 commercial properties with 138 residential units in New York City with 53,909 square feet and a city-determined market value of $18.1 million. (Market value is typically about 50% of actual value.) The portfolio has $122.9 million in debt, with top three lenders as BridgeCity Capital, Bank of Princeton, and Valley National Bank respectively. Within the portfolio, the bulk, or 39 percent of the 53,909 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 70 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

Direct link to Acris document. link