Prime Group signs $120M refi loan with Affinius for storage in NYC

Prime Group Holdings through the entity Prime Storage Astoria, LLC as borrower signed a refi loan with lender Affinius Capital through the entity Sm Finance III LLC valued at $120 million for three storage properties including the industrial building (E7) at 31-07 20th Avenue in Ditmars Steinway, Queens, industrial building (E7) at 1260 Zerega Avenue in Unionport, Bronx, and industrial building (E7) at 1084 Rockaway Avenue in Brownsville, Brooklyn.
The deal closed on August 29, 2025 and was recorded on September 11, 2025. The prior lender was Slate Property Group which held debt that had an original loan amount of $147 million. The three properties have 353,663 square feet of built space and 4,161 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $339 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 Prime Group Holdings was Robert J. Moser . The signatory for Affinius Capital was Beth Newman .

Prior sales and revenue

The three properties with a total of 353,663 square feet of built space generated revenue of $7.5 million per year or $21 per square foot.

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 $2,505 in OATH penalties in the last year.

Development

For the tax lot buildings, three out of the three 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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has 1.3 times the average sales volume among other neighborhoods with $381.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 312,885 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.

The block

On the tax block of 31-07 20th Avenue, PincusCo has identified the owners of five of the 11 commercial properties representing 176,076 square feet of the 204,482 square feet. The largest owner is Acquista Family, followed by Prime Group Holdings and then Gamal Rahman.
On the tax block, there were four new building construction projects totaling 94,913 square feet. The largest is a 89,447 square-foot 58 building submitted by Mat Davis with plans filed January 19, 2023 and permitted February 26, 2024. The second largest is a 4,000 square-foot 74 building submitted by Greg Pitts with plans filed September 3, 2025 and it has not been permitted yet.

The majority, or 99 percent of the 204,482 square feet of built space are industrial buildings, with retail buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Prime Group Holdings owned at least 17 commercial properties in New York City with 1,006,272 square feet and a city-determined market value of $178.1 million. (Market value is typically about 50% of actual value.) The portfolio has $266.1 million in debt, with top three lenders as Slate Asset Management, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 84 percent of the 1,006,272 square feet of built space are industrial properties, with office properties next occupying 8 percent of the space. The bulk, or 40 percent of the built space, is in Manhattan, with Queens next at 28 percent of the space.

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