United American Land signs $50M refi for mixed-use building in Jamaica

The Laboz family’s United American Land through the entity 160 Jamaica, LLC as borrower signed a refi loan with lender Morgan Stanley Bank valued at $50 million for the mixed-use building (K2) at 160-08 Jamaica Avenue in Jamaica, Queens.
The deal closed on May 24, 2021 and was recorded on June 15, 2021.
The property has 163,597 square feet of built space and 86,983 square feet of additional air rights for a total buildable of 250,619 square feet according to PincusCo analysis of city data. The loan price per built square foot is $305 and the price per buildable square foot is $199 per the PincusCo analysis.
The owner bought the property on 16-Aug-12, for $14 million.
The signatory for United American Land was Albert Laboz.
(421020905)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 6, 2019.

Within a 400-foot radius of 160-08 Jamaica Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on September 11, 2020 for a 326,528-square-foot R-2 building with 315 residential units residential units at 92-27 160th Street.
Of those three items, two were loans above $5 million totaling $95.8 million. The most recent of the two was Shorewood Real Estate Group which borrowed $89.1 million from East West Bank secured by the 48-square-foot, 316-unit rental (D7) on 160-05 Archer Avenue on June 25, 2020.

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