Morgan Stanley signs $56.3M loan with Blackstone, Corebridge for FedEx logistics site in Jackson Heights

Morgan Stanley through the entity NHNR Hold Co 28 LLC as borrower signed a refi loan with lenders Blackstone Group and Corebridge Financial through the entity American General Life Insurance Company valued at $56.3 million for two industrial properties including the industrial building (E9) at 83-15 24th Avenue and industrial building (G7) at 83-34 23rd Avenue in Jackson Heights, Queens. The properties serve as a logistics site for FedEx.

Morgan Stanley’s North Haven Net REIT  through the entity NHNR Hold Co 28, LLC acquired an interest from Blackstone Group through the entity Bpp Nyc Industrial Parent LLC valued at $86.7 million for the logistics building (E9) at 83-15 24th Avenue and the adjacent surface parking lot (G7) at 83-84 23rd Avenue in Jackson Heights, Queens.
The loan and sale closed on October 17, 2025. The sale was recorded several days before the loan, which was recorded on October 27, 2025. The prior lender was Nuveen which held debt that had an original loan amount of $65.1 million.The two properties have 127,112 square feet of built space and 76,804 square feet of additional air rights for a total buildable of 204,187 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $442 and the price per buildable square foot is $275 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 Morgan Stanley was Douglas Armer . The signatory for Blackstone Group was Kevin Pivnick .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 83-15 24th Avenue.

Prior sales and revenue

Out of the two properties, one with a total of 127,112 square feet of built space generated revenue of $5.2 million per year.

The property

The industrial building in Jackson Heights has 127,112 square feet of built space and 76,804 square feet of additional air rights for a total buildable of 204,187 square feet according to a PincusCo analysis of city data. The parcel has frontage of 385 feet and is 441 feet deep with a total lot size of 131,897 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $34.2 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 neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has 1.4 times the average sales volume among other neighborhoods with $422.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 309,864 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 83-15 24th Avenue, PincusCo has identified the owners of two of the seven commercial properties representing 127,112 square feet of the 163,406 square feet. The identified owner is Blackstone Group.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 163,406 square feet of built space are industrial buildings, with hotel buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Morgan Stanley owned at least four commercial properties in New York City with 304,436 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 79 percent of the 304,436 square feet of built space are industrial properties, with specialty properties next occupying 21 percent of the space. They are all located in Queens.

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