Yitzchok Katz signs $96.5M refi with Berkadia for rentals in Long Island City

Yitzchok Katz of Goose Property Management and Developing NY State, through the entity 39th Ave Holdings 1 LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $96.5 million for two residential elevator properties with 193 residential units including the 129-unit residential elevator building (D7) at 32-03 39th Avenue in Long Island City, Queens and 64-unit residential elevator building (D7) at 31-11 39th Avenue in Long Island City, Queens.
The deal closed on August 7, 2025 and was recorded on August 20, 2025. The prior lender was Affinius Capital which held debt that had an original loan amount of $78.4 million.The two properties have 129,207 square feet of built space and 13,323 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $746 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 Yitzchok Katz was Yitzchok Katz. The signatory for Berkadia Commercial Mortgage was Amy Jesberger .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 32-03 39th Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Yitzchok Katz, head officer and Yadler Rabinowitz, shareholder. The business entity is 39th Ave Holdings 1 Llc. The two properties with a total of 129,207 square feet of built space generated revenue of $5 million per year or $38 per square foot.

The property

The residential elevator building with 129 residential units in Long Island City has 129,207 square feet of built space and 13,323 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 201 feet deep with a total lot size of 16,248 square feet. The lot is irregular. The zoning is M1-3/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 million. The most recent loan totaled $96.5 million and was provided by Berkadia Commercial Mortgage LLC on August 7, 2025.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 46,464 square feet. The largest, Q00684765, is a major alteration project for a 52-unit, 47,621 square-foot R-2 building submitted by AHRC New York City and filed by Rafel Salim with plans filed March 10, 2022 and permitted January 25, 2023. The second largest, Q00683048, is a new building project for a 41-unit, 31,755 square-foot R-2 building submitted by AHRC New York City and filed by Rafel Salim with plans filed March 11, 2022 and permitted January 10, 2024.

The block

On the tax block of 32-03 39th Avenue, PincusCo has identified the owners of four of the eight commercial properties representing 80,849 square feet of the 85,109 square feet. The largest owner is Cavu Property Group, followed by Aidi Xu and then Yitzchok Katz.
On the tax block, there were three new building construction projects totaling 241,907 square feet. The largest is a 84-unit, 82,274 square-foot residential (R-2) building submitted by CAVU Property Group and filed by Steven Hurwitz with plans filed August 4, 2025 and it has not been permitted yet. The second largest is a 87-unit, 81,123 square-foot residential (R-2) building submitted by CAVU Property Group and filed by Steven Hurwitz with plans filed August 4, 2025 and it has not been permitted yet.

The majority, or 47 percent of the 85,109 square feet of built space are industrial buildings, with elevator buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Yitzchok Katz owned at least 16 commercial properties with 519 residential units in New York City with 192,232 square feet and a city-determined market value of $27 million. (Market value is typically about 50% of actual value.) The portfolio has $368.5 million in debt, with top three lenders as Affinius Capital, G4 Capital Partners, and Slate Property Group respectively. Within the portfolio, the bulk, or 69 percent of the 192,232 square feet of built space are elevator properties, with development properties next occupying 14 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Queens next at 41 percent of the space.

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