Platinum Realty signs $3.75M refi with Chase for retail strip in Laurelton

Platinum Realty Associates through the entity 233 Merrick Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $3.75 million for five properties including the retail buildings (K2) from 234-28 to 234-36 Merrick Boulevard and an adjacent parking lot, all in Laurelton, Queens.
The deal closed on June 16, 2025 and was recorded on June 18, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $3.5 million.
The five properties have 14,157 square feet of built space and 3,610 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $264 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 Platinum Realty Associates was David Koptiev . The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

Out of the five properties, four with a total of 14,157 square feet of built space generated revenue of $547,827 per year.

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 $9,525 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the five 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 Laurelton, The bulk, or 26 percent of the 1.2 million square feet of commercial built space are retail buildings, with mixed-use buildings next occupying 25 percent of the space. In sales, Laurelton has the 39th highest sale turnover among other neighborhoods in Queens with $21.8 million in sales volume in the last two years. For development, Laurelton has had very little major development activity relative to other neighborhoods.It had 84,312 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of 234-36 Merrick Boulevard, PincusCo has identified the owners of six of the eight commercial properties representing 15,837 square feet of the 23,367 square feet. The two identified owners are Platinum Realty Associates and Kemraj Bodh.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 23,367 square feet of built space are retail buildings, with industrial buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Platinum Realty Associates owned at least 89 commercial properties with 60 residential units in New York City with 531,948 square feet and a city-determined market value of $116.3 million. (Market value is typically about 50% of actual value.) The portfolio has $54.2 million in debt, with top three lenders as Signature Bank, First National Bank of Long Island, and Customers Bank respectively. Within the portfolio, the bulk, or 67 percent of the 531,948 square feet of built space are retail properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 58 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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