Werwaiss Properties signs $55.6M construction loan for 157-unit project in LIC

Werwaiss Properties through the entity 25-34 Jackson Avenue Property Owner LLC as borrower signed a new construction loan with lender JPMorgan Chase valued at $55.6 million for two properties including the office building (O5) at 27-10 Jackson Avenue in Long Island City, Queens and mixed-use building (K4) at 25-36 Jackson Avenue in Long Island City, Queens.
The deal closed on July 28, 2021 and was recorded on September 7, 2021.
(420667068) Plans for a 157-unit, 117,547 square-foot R-2 were filed on March 2, 2020 and were permitted on August 16, 2021.
The loan price per buildable square foot is $473 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 Werwaiss Properties was John A. Werwaiss.

John A. Werwaiss is a partner at Werwaiss Properties.

Within a 400-foot radius of 27-10 Jackson Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit application filed on December 3, 2020 for a 22,305-square-foot R-2 building with 27 residential units at 42-62 Hunter Street.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 7, 2020 for the $1.2 million renovation of 78,476-square-foot B building with no residential units at 27-35 Jackson Avenue.
Of those eight items, four were sales above $5 million totaling $74.8 million. The most recent of the four was iCross Capital which bought the 20,800-square-foot development site (V1) on 27-55 Jackson Avenue for $12.5 million from Nissin Seliktar on September 10, 2020.
Of those eight items, two were loans above $5 million totaling $356.0 million. The most recent of the two was iCross Capital which borrowed $6.0 million from Nzdckns LLC secured by the 20,800-square-foot development site (V1) on 27-55 Jackson Avenue and one other property on September 10, 2020.

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