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Debt & Equity

Pistilli Realty lands $158.8M refi for 17-property NYC portfolio

Queens-based firm Pistilli Realty has secured a $158.8 million New York Community Bank loan for a 17-property portfolio in Manhattan, Queens, Brooklyn and Long Island, according to city records.

The properties in the package include 268-270 West 12th Street and 226-228 West 4th Street in the West Village, 182-186 Franklin Street in Brooklyn, 31-19 Newtown Avenue, 35-01 30th Avenue, 26-80 30th Street, 32-90 36th Street, 34-06 32nd Street, 28-07 38th Street in Astoria, 38-15 Bowne Street, 140-37/59 Ash Avenue in Flushing, 41-06 Case Street in Elmhurst, 47-30/50 59th Street in Woodside, 58-35 Granger Street in Corona, 19-02 Whitestone Expressway in Whitestone, 70 Glen Street in Glen Cove and 303 Merrick Road in Lynbrook.

The loan amounts on the properties start at $1 million. The largest mortgage is for the 47-30 59th Street property in Flushing, which has a value of $27.9 million.  The loan replaces a $136.2 million mortgage, also from New York Community Bank.

Meridian Capital Group negotiated the financing of the loan, with company’s executive vice president Avi Weinstock and vice president Josh Rhine leading the effort.

Earlier this month, Pistilli closed on its acquisition of a multifamily building in the Bronx. The firm bought 155 Grand Concourse, a six-story, 139,000 s/f building in Mount Eden, for $29.8 million. The company acquired the property from the estate of late landlord Harry Silverstein.

Pistilli is a family-run firm focused on Astoria. Its portfolio includes 25 residential properties in the neighborhood, the largest of which is 45-02 Ditmars Boulevard, a six-story, 201-unit building.

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