Realterm signs $119.1M construction loan with JPMorgan Chase project at JFK Airport

Realterm through the entity Aero JFK II, LLC as borrower signed a new construction loan with lender JPMorgan Chase valued at $119.1 million for a project at 154-68 Brookville Boulevard in JFK Airport, Queens.
The deal closed on July 19, 2023 and was recorded on August 4, 2023.

The neighborhood

In JFK Airport, The majority, or 100 percent of the 17.2 million square feet of commercial built space are specialty buildings. In sales, JFK Airport has not had any sales in the last two years. For development, JFK Airport has not had any major developments in the last two years.

The block

On this tax block, PincusCo has identified the owners of eight of the 12 commercial properties representing 17,441,279 square feet of the 17,441,279 square feet. The largest owner is Armando Gabrielli, followed by Bartlett Dairy and then City Of New York.
On the tax block, there were five new building construction projects totaling 208,730 square feet. The largest is a 75,410 square-foot industrial (F-1) building submitted by Armando Gabrielli and filed by Amedeo Gabrielli with plans filed October 14, 2016 and permitted June 25, 2018. The second largest is a 56,232 square-foot industrial (F-1) building submitted by Lorinda Logan with plans filed November 10, 2020 and it has not been permitted yet.

The majority, or 98 percent of the 17.4 million square feet of built space are specialty buildings, with office buildings next occupying 1 percent of the space.

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