RXR Realty gets $316M construction loan from JPMorgan Chase for logistics project in Maspeth

Scott Rechler’s RXR Realty through the entity 55-15 Grand Avenue Property, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank through the entity Jpmorgan Chase Bank, N.A. valued at $272.9 million for 1 parcel, including the tax class miscellaneous manufacturing building (F9) at 55-15 Grand Avenue in Maspeth. The deal closed on November 20, 2020 and was recorded on December 3, 2020.

JPMorgan Chase refinanced $43 million provided by Global Atlantic Financial’s Forethought Life Insurance in 2019, and added a $184.3 million building loan and an $88.6 million project loan. The signatory for RXR was company vice chairman Jason Barnett. The last time the property sold was January 30, 2018 for $72,000,000.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $665,000.0. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $530,000.

There has been one new building permit application

There have been 2 demolition projects filed over the past five years.

Direct link to Acris document. link