Wildflower Ltd. borrows $17M from Voya Investment Management for purchase of industrial property in Maspeth

Adam Gordon’s Wildflower Ltd. through the entity WF Industrial V LLC as borrower signed a loan agreement with lender Voya Investment Management LLC valued at $16.8 million for 1 parcel, including the tax class fireproof warehouse (E1) at 48-23 55th Avenue in Queens. The deal closed on February 7, 2020 and was recorded on February 14, 2020.
Wildflower purchased the property on the same day for $23.3 million.
The property contains a total of 42,858 square feet of built space on a parcel with 80,000 square feet of land. The property has 159,658 square feet of available development rights, according to an analysis by PincusCo, which was not confirmed.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,500,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $550,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link