Werwaiss Properties signs $55.6M loan with Apollo for 157-unit LIC rental

Werwaiss Properties through the entity 25-34 Jackson Avenue Property Owner LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity and Life Company valued at $55.6 million for the 157-unit residential elevator building (D6) at 25-34 Jackson Avenue in Long Island City, Queens.
The deal closed on May 22, 2025 and was recorded on June 3, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $55.6 million.The property has 142,088 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $391 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. W. Werwaiss . The signatory for Apollo Global Management was Jeffrey Horowitz .

Prior sales and revenue

The 142,088-square-foot property generated revenue of $6.6 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 157 residential units in Long Island City has 142,088 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 150 feet deep with a total lot size of 15,085 square feet. The lot is irregular. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.9 million. The most recent loan totaled $55.6 million and was provided by JPMorgan Chase on July 28, 2021.

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 $2,300 in OATH penalties in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 235,094 square feet. The largest, 420667068, is a new building project for a 157-unit, 117,547 square-foot R-2 building submitted by Werwaiss Properties and filed by John W. Werwaiss with plans filed March 2, 2020 and permitted August 16, 2021. The second largest, 420667077, is a new building project for a 117,547 square-foot M building submitted by John W. Werwaiss with plans filed March 2, 2020 and permitted July 21, 2021.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 142,088 square feet of the 181,344 square feet. The identified owner is Werwaiss Properties.
On the tax block, there were two new building construction projects totaling 235,094 square feet. The largest is a 157-unit, 117,547 square-foot residential (R-2) building submitted by Werwaiss Properties and filed by John W. Werwaiss with plans filed March 2, 2020 and permitted August 16, 2021. The second largest is a 117,547 square-foot mercantile (M) building submitted by John W. Werwaiss with plans filed March 2, 2020 and permitted July 13, 2021.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Werwaiss Properties owned at least four commercial properties with 397 residential units in New York City with 145,088 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $165.6 million in debt, borrowed from AIG and JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 145,088 square feet of built space are elevator properties, with industrial properties next occupying 2 percent of the space. They are all located in Queens.

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