Stellar Management signs $40M refi loan with Citibank for Swingline Building in LIC

Stellar Management through the entity Swingstell Owner LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $40 million for the industrial (F9) building at 32-07 Queens Boulevard in Long Island City, Queens.
The deal closed on July 9, 2021 and was recorded on September 8, 2021. The building is the former home of Swingline Staples.
The property has 301,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $132 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 Stellar Management was Adam Roman.

Within a 400-foot radius of 32-07 Queens Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Estate of Nikos Mouyiaris borrowed $10 million from Ariana Realty Company LLC secured by four condo units in the 19,675-square-foot, four-unit industrial (RI) on 32-02 Queens Boulevard on March 2, 2021.

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