JBL buys LIC site for $25M, plans big-box store

UPDATED, Aug. 30, 1:02 p.m.: Jacob Khotoveli’s JBL Asset Management and Eric Gleit’s Edge Ventures snapped up a Long Island City development site for $24.9 million, property records filed with the city Tuesday show.


The 192,792-square-foot site at 28-90 Review Avenue near Newtown Creek and just off the Long Island Expressway is commercially zoned and comes with 385,584 buildable square feet, according to Reonomy. The site is currently used as a commercial parking lot. Its previous owner Eric Roberts, who bought the site in 1985, runs a truck rental company.


Khotoveli told The Real Deal that JBL hasn’t finalized plans for the site yet, but that it envisions a mixed-use development including a big box retail store. JBL paid about $65 per buildable square foot to acquire the site.


Rick Robbins of Hentze-Dor Real Estate brokered the sale.


Florida-based JBL landed a $24 million acquisition loan from BH Mortgage, with a seven-year term and an interest rate of between 5 and 6 percent. Deerwood Real Estate Capital’s Joe Hercenberg brokered the loan.


SOURCE: THE REAL DEAL

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