LIC BLDG 32 takes $64.7M loan from City National Bank

LIC BLDG 32 LLC and an affiliated entity, LIC BLDG 33 LLC, recorded a $64,735,174 mortgage to City National Bank on October 28, pledging two adjoining industrial properties in Long Island City, Queens, at 38-11 32nd Street and 38-12 33rd Street, according to city register document 2026102100782002.

Why it matters

The loan is a blanket mortgage, meaning both parcels secure the same debt rather than each carrying its own loan. City records show LIC BLDG 32 LLC as the recorded owner of 38-11 32nd Street (block 381, lot 5), a three-story, 30,000-square-foot factory building put up in 1950 and last altered in 2003. The parcel carries split zoning, M1-3/R7X with the Long Island City special district layered on an R6A residential overlay, the kind of mixed designation that lets an owner keep industrial use today while residential density sits available on paper. For other industrial owners in the corridor, the deal is a marker of how much a lender will extend against older factory stock once the zoning underneath it has been upgraded.

The numbers

The mortgage totals $64,735,174, far above the $1,884,150 total assessed value the city carries on the 38-11 32nd Street lot, which sits on 26,476 square feet of land. No building permit or site-plan filing tied to either address has surfaced in city records as of this writing, so the loan proceeds, refinancing, acquisition, or a redevelopment war chest, are not yet specified in any public filing.

What’s next

With both parcels now cross-collateralized under one lender, a sale, refinance, or construction filing on either address would also touch the other. Readers tracking Long Island City’s industrial-to-residential conversions should watch for a Department of Buildings new-building or alteration filing at either 38-11 32nd Street or 38-12 33rd Street in the coming weeks, since the zoning would support one without a rezoning first.

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