VAJA Group signs $70M construction loan with Be Aviv for 152-unit project in Astoria
35-10 12th Street axonometric rendering (Credit - Shmuel Wieder architect via DOB)
VAJA Group through the entity Point Property Lic LLC as borrower signed a new construction loan with lender Be Aviv through the entity Badf 12th Street Astoria Lender LLC valued at $70 million for the 152-unit development (V1) at 35-10 12th Street, also known as 11-14 35th Avenue in Astoria, Queens.
On the lot, there is one active new building construction project, Q00650506, for a 152-unit, 102,994 square-foot residential (R-2) building. The project was submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted May 27, 2022.
The deal closed on December 12, 2024 and was recorded on December 18, 2024.
The owner bought the property on January 25, 2024, for $17.6 million. The signatory for VAJA Group was Moses Freund. The signatory for Be Aviv was Ben Harlev.
The property
The parcel has frontage of 310 feet and is 100 feet deep with a total lot size of 28,965 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent prior loan totaled $12.9 million and was provided by Ponce Bank on January 25, 2024.
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 $4,990 in OATH penalties in the last year.
The neighborhood
In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.3 times the average sales volume among other neighborhoods with $579.4 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 12,509 square feet of the 86,682 square feet. The identified owner is VAJA Group.
The majority, or 89 percent of the 86,682 square feet of built space are industrial buildings, with walkup buildings next occupying 8 percent of the space.
The borrower
The PincusCo database currently indicates that Vaja Group owned at least 19 commercial properties with 264 residential units in New York City with 163,906 square feet and a city-determined market value of $18.5 million. (Market value is typically about 50% of actual value.) The portfolio has $40.8 million in debt, borrowed from Northeast Community Bank and NorthEast Community Bank. Within the portfolio, the bulk, or 24 percent of the 163,906 square feet of built space are walkup properties, with specialty properties next occupying 19 percent of the space. The bulk, or 73 percent of the built space, is in Bronx, with Queens next at 27 percent of the space.
Direct link to Acris document. link