Seagis Property Group borrows $56.3M from Nuveen for industrial property in New York City
Seagis Property Group borrowed $56.3 million from Nuveen for industrial property in New York City in four separate transactions.
In the first, Seagis Property Group through the entity 57-47 Th Street Associates LLC as borrower signed a loan agreement with lender Nuveen through the entity Teachers Insurance And Annuity Assoc Of America valued at $18.3 million for 1 parcel, including the tax class light manufacturing building (F5) at 57-47 47th Street in Maspeth. The deal closed on May 21, 2020 and was recorded on May 26, 2020.
The property contains a total of 70,776 square feet of built space. The property has 262,984 square feet of available development rights.
The average loan per buildable square foot is $529.
The last time the property sold was January 25, 2019, for $22,125,000. This loan is part of a larger loan covering several properties, totaling $139 million.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second, Seagis Property Group through the entity Spg Rockaway LLC as borrower signed a loan agreement with lender Nuveen through the entity Teachers Insurance And Annuity Assoc. Of America valued at $13.9 million for 6 parcels, including the tax class fireproof warehouse (E1) at 179-12 149th Road, 144-43 156th Street, 144-39 156th Street, 175-52 148th Road, 145-03 156th Street, and others in Springfield Gardens. The deal closed on May 21, 2020 and was recorded on May 26, 2020.
The property contains a total of 10,196 square feet of built space. The property has 69,941 square feet of available development rights.
The average loan per buildable square foot is $199.
The loan includes $11.7 million in a gap mortgage. The last time the property sold was May 14, 2018, for $16,800,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the third, Seagis Property Group through the entity Spg Pitkin Avenue LLC as borrower signed a loan agreement with lender Nuveen through the entity Teachers Insurance And Annuity Assoc. Of America valued at $13.9 million for 1 parcel, including the tax class fireproof warehouse (E1) at 1970 Pitkin Avenue in Brooklyn. The deal closed on May 21, 2020 and was recorded on May 26, 2020.
The property contains a total of 70,000 square feet of built space. The property has 159,600 square feet of available development rights.
The average loan per buildable square foot is $87.
The loan includes $10.1 million in new debt. The last time the property sold was September 7, 2017, for $16,200,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the fourth, Seagis Property Group through the entity Spg Jfk Iii LLC as borrower signed a loan agreement with lender Nuveen through the entity Teachers Insurance And Annuity Assoc. Of America valued at $10.2 million for 2 parcels, including the tax class fireproof warehouse (E1) at 148-18 Guy R Brewer Blvd, 148-10 Guy R Brewer Blvd in Springfield Gardens. The deal closed on May 21, 2020 and was recorded on May 26, 2020.
The property contains a total of 13,000 square feet of built space.
The average loan per buildable square foot is $7,514.
This loan is part of a $139 million loan covering several additional properties. The last time the property sold was November 16, 2016, for $9,000,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link