VAJA Group signs $84M refi with TPG for 152-unit rental in Astoria

VAJA Group through the entity Point Property LIC LLC as borrower signed a refi loan with lender TPG Real Estate Partners through the entity Treco Loan Origination Spv 33, LLC valued at $84 million for the 152-unit residential elevator building, Nova Astoria, (D3) at 11-14 35th Avenue in Astoria, Queens.

The Commercial Observer reported on January 27, 2026 that the lender was Keystone Equities, which provided a $84 million bridge loan to VAJA Group for 11-14 35th Avenue.
The loan closed on January 23, 2026 and was recorded on January 29, 2026. The prior lender was Be Aviv which held debt that had an original loan amount of $70 million.

The property has 139,119 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $603 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 January 25, 2024, for $17.6 million. The signatory for VAJA Group was Moses Freund . The signatory for TPG Real Estate Partners was Martin Davidson .

Prior sales and revenue

The 139,119-square-foot property generated revenue of $5.7 million or $41 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 152 residential units in Astoria has 139,119 square feet of built space according to a PincusCo analysis of city data. 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 $2.3 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 $23,750 in ECB penalties and $26,880 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q00650506, for a 152-unit, 102,994 square-foot R-2 building. The project was submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted December 20, 2024.

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.
On the tax block, there was one new building construction project filed totaling 102,994 square feet. It is a 152-unit, 102,994 square-foot residential (R-2) building submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted December 20, 2024.

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 31 commercial properties with 621 residential units in New York City with 227,780 square feet and a city-determined market value of $27.6 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Popular Bank, NorthEast Community Bank, and Northeast Community Bank respectively. Within the portfolio, the bulk, or 27 percent of the 227,780 square feet of built space are industrial properties, with walkup properties next occupying 17 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Queens next at 21 percent of the space.

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