JP Morgan Provides $71M in Refi Loans on Three Brooklyn Industrial Properties
Steel Equities’ warehouses along Paidge Avenue in Greenpoint carry hundreds of thousands of square feet in potential air rights
By Brian Pascus June 3, 2024 2:24 pm
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Steel Equities, a real estate development firm headquartered in Bethpage, N.Y., has secured $71.3 million to refinance three industrial properties in Greenpoint, Brooklyn.
J.P. Morgan Chase provided the two loans. The first loan, a $52.9 million deal, refinances Steel Equities’ interest in buildings at 59 Paidge Avenue and 215 Paidge Avenue. The second loan, an $18.4 million deal, refinances the firm’s interest in a building at 99 Paidge Avenue.
Joseph Lostritto, an executive at Steel Equities, signed the $18.4 million deal, according to New York property records. PincusCo first reported the financings.
All three industrial properties are along the Newtown Creek waterfront in Greenpoint, near Brooklyn’s border with Queens.
Last year, CO reported that the Fire Department of New York agreed to continue leasing its 35,000-square-foot truck service center on the ground floor and mezzanine level of 59 Paidge Avenue. The department has stored and repaired fire trucks at the property since 1995.
59 Paidge Avenue and 215 Paidge Avenue carry 248,850 square feet of space and an additional 276,143 square feet of potential air rights. 99 Paidge Street carries approximately 13,833 square feet and holds 235,872 square feet of potential air rights.
Steel Equities said it had no comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
