Realterm signs $15M acquisition loan with BMO Harris for industrial dev site in Maspeth

Logistics company Realterm through the entity Rlf III Laurel Hill Blvd Spe, LLC as borrower signed a acquisition loan with lender BMO Harris through the entity Bmo Harris Bank, N.A. valued at $15 million for the industrial development site at 34-52 Laurel Hill Boulevard in Maspeth, Queens.
The deal closed on December 23, 2021 and was recorded on January 14, 2022.
The property has 20,800 square feet of built space and 114,201 square feet of additional air rights for a total buildable of 135,150 square feet according to PincusCo analysis of city data. The loan price per built square foot is $721 and the price per buildable square foot is $110 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 owner bought the property on October 28, 2021, for $25 million.
The signatory for Realterm was Edward Brickley.
The 20,800-square-foot property generated revenue of $333,527 or $16 per square foot, according to the most recent income and expense figures.

On the tax block, the majority, or 100 percent of the 73,647 square feet of built space are industrial buildings.
Within a 400-foot radius of 34-52 Laurel Hill Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which John Pantanelli bought the 9,600-square-foot, one-unit industrial (E9) on 34-40 Laurel Hill Blvd for $7.5 million from Kenneth Wong on October 2, 2020.

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