Slate Property Group signs $86.2M refi with Ares for 186-unit rental in LIC

Slate Property Group through the entity 37-11 30th Street Holdings LLC as borrower signed a refi loan with lender Ares Management through the entity Ares Commercial Real Estate Servicer LLC valued at $86.2 million for the mixed-use, 186-residential unit building at 37-05 30th Street in Long Island City, Queens. The buildings is divided into five commercial condominiums, all covered by this loan.
The deal closed on June 1, 2026 and was recorded on June 22, 2026. The prior lender was PCCP which held debt that had an original loan amount of $85 million.

The five condo units have 188,419 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $457 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 signatory for Slate Property Group was Martin Nussbaum .

The property

The rental condo with 186 residential units in Long Island City has 188,419 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 145,686 square feet. The city-designated market value for the property in 2022 is $27.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 37-05 30th Street, PincusCo has identified the owners of two of the 11 commercial properties representing 231,426 square feet of the 270,804 square feet. The two identified owners are Slate Property Group and HC Contracting .
On the tax block, there were two new building construction projects totaling 178,820 square feet. The largest is a 198-unit, 178,577 square-foot residential (R-2) building submitted by Slate Property Group and filed by David Schwartz with plans filed March 7, 2018 and permitted February 6, 2020. The second largest is a 243 square-foot storage (S-2) building submitted by David Schwartz with plans filed March 21, 2018 and it has not been permitted yet.

The majority, or 77 percent of the 270,804 square feet of built space are elevator buildings, with industrial buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Slate Property Group owned at least 76 commercial properties with 4,550 residential units in New York City with 4,177,838 square feet and a PincusCo-determined asset value of $3.5 billion. The portfolio has $1.7 billion in debt, with top three lenders as Mack Real Estate Group , JPMorgan Chase, and Apollo Global Management respectively. Within the portfolio, the bulk, or 62 percent of the 4,177,838 square feet of built space are elevator properties, with hotel properties next occupying 21 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Queens next at 21 percent of the space.

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