Prime Group Holdings’s Prime Storage borrows $155M from PIMCO for storage property in Parkchester

Prime Group Holdings’s Prime Storage through the entity Prime Storage Astoria, LLC as borrower signed a loan agreement with lender PIMCO through the entity Pcred Lending Ii LLC valued at $155.0 million for 3 parcels, including the tax class warehouse or self storage (E7) at 1260 Zerega Avenue, 1084 Rockaway Avenue, 31-07 20th Avenue in Parkchester. The deal closed on November 1, 2019 and was recorded on November 7, 2019.
The property contains a total of 100,524 square feet of built space. The property has 369,721 square feet of available development rights.
The average loan per buildable square foot is $419.
The last time the property sold was December 21, 2017, for $40,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 12, 2016.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $550,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $3,249,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link