Top Rock Holdings signs $16M refi with S3 Capital for office in Briarwood

Top Rock Holdings through the entity 139-30 Queens Blvd Owner LLC as borrower signed a refi loan with lender S3 Capital through the entity S3 Sb Real Estate Credit A Trust valued at $16 million for the office building (O2) at 139-30 Queens Boulevard in Briarwood, Queens.
The deal closed on November 10, 2025 and was recorded on November 19, 2025. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $13.1 million.The property has 63,897 square feet of built space and 72,960 square feet of additional air rights for a total buildable of 136,800 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $250 and the price per buildable square foot is $116 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 October 31, 2024, for $14.1 million. The signatory for Top Rock Holdings was Uri Mermelstein . The signatory for S3 Capital was Joshua Crane_Ai.

Prior sales and revenue

The 63,897-square-foot property generated revenue of $2.1 million or $33 per square foot, according to the most recent income and expense figures.

The property

The office building in Briarwood has 63,897 square feet of built space and 72,960 square feet of additional air rights for a total buildable of 136,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 240 feet and is 200 feet deep with a total lot size of 45,600 square feet. The lot is irregular. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.7 million.

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 received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 17, 2023. 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 Briarwood, The majority, or 66 percent of the 5.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Briarwood has the 38th highest sale turnover among other neighborhoods in Queens with $25.8 million in sales volume in the last two years. For development, Briarwood has had very little major development activity relative to other neighborhoods.It had 81,215 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 72,897 square feet of the 114,593 square feet. The two identified owners are Top Rock Holdings and Michael Naclerio.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 114,593 square feet of built space are office buildings, with hotel buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Top Rock Holdings owned at least 10 commercial properties with nine residential units in New York City with 216,459 square feet and a city-determined market value of $53.8 million. (Market value is typically about 50% of actual value.) The portfolio has $21.5 million in debt, borrowed from Golden Bridge Funding and Lightstone Group. Within the portfolio, the bulk, or 33 percent of the 216,459 square feet of built space are specialty properties, with M1 properties next occupying 31 percent of the space. The bulk, or 96 percent of the built space, is in Queens, with Brooklyn next at 4 percent of the space.

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