Related signs $153.8M construction loan with city for 221-unit project in Willets Point
38-02 126th Lane axonometric diagram (Credit - Paul Carr architect via DOB)
Related Companies through the entity Qdg Sara Lihtc Owner, Lp as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $153.8 million for the 221-unit project at 38-02 126th Lane in Willets Point, Queens.
On the lot, there is one active new building construction project, Q00995866, for a 221-unit, 167,651 square-foot residential (R-2) building. The project was submitted by Related Companies and filed by Frank Monterisi with plans filed February 5, 2024 and it has not been permitted yet.
The deal closed on April 22, 2026 and was recorded on May 12, 2026.
The signatory for Related Companies was Frank Monterisi and Jacqueline Tom . The signatory for NYC Housing Development Corporation was Lauren Connors .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
The block
On this tax block, PincusCo has identified the owners of six of the 35 commercial properties representing 109,200 square feet of the 246,205 square feet. The largest owner is Neil G. Soni, followed by LIRR and then Related Companies.
On the tax block, there were three new building construction projects totaling 1,017,884 square feet. The largest is a 534-unit, 521,402 square-foot residential (R-2) building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and permitted November 22, 2023. The second largest is a 347-unit, 328,831 square-foot residential (R-2) building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and permitted December 1, 2023.
The majority, or 99 percent of the 246,205 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 Related Companies owned at least 144 commercial properties with 10,503 residential units in New York City with 27,126,286 square feet and a PincusCo-determined asset value of $21.6 billion. The portfolio has $7.7 billion in debt, with top three lenders as Wells Fargo, Deutsche Bank, and Wells Fargo respectively. Within the portfolio, the bulk, or 30 percent of the 27,126,286 square feet of built space are condo properties, with elevator properties next occupying 26 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Bronx next at 9 percent of the space.
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