Ronald Sherman signs $5.5M refi for office in Long Island City

Ronald Sherman through the entity Cmt Properties, LLC as borrower signed a refi loan with lender ConnectOne Bank valued at $5.5 million for the office building (O5) at 42-14 21st Street in Long Island City, Queens.
The deal closed on March 24, 2026 and was recorded on March 26, 2026. The prior lender was Hirshmark Capital which held debt that had an original loan amount of $5.5 million. The property has 21,000 square feet of built space and 24,624 square feet of additional air rights for a total buildable of 45,600 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $261 and the price per buildable square foot is $120 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 April 11, 2013, for $5.5 million. The signatory for Ronald Sherman was Ronald Sherman. The signatory for ConnectOne Bank was Eric Flanagan .

Prior sales, articles and revenue

The 21,000-square-foot property generated revenue of $723,870 or $34 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 21,000 square feet of built space and 24,624 square feet of additional air rights for a total buildable of 45,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 108 feet and is 190 feet deep with a total lot size of 22,800 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.9 million. ConnectOne Bank on March 24, 2026 bought a loan with an original principal of $5.5M from Hirshmark Capital signed by Abraham Goldman , secured by 42-14 21st Street, when owned by Ronald Sherman.

Transaction Participants

Jeremy M. Garlock at Schenck, Price, Smith & King, LLP participated in the transaction on behalf of ConnectOne Bank.

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.

Development

For the tax lot building, it received its initial certificate of occupancy on October 16, 2012. 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.6 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were 80 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 53,000 square feet of the 81,500 square feet. The largest owner is Ronald M. Sherman, followed by Daphne Konstantinides and then Court 16.
There are no active new building construction projects on this tax block.

The majority, or 30 percent of the 81,500 square feet of built space are industrial buildings, with mixed-use buildings next occupying 29 percent of the space.

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