Exclusive: Queens Office Property Lands $72M Refi

Edward J. Minskoff Equities has obtained a $72 million loan for One Aviation Plaza in New York City’s Queens borough, according to Yardi Matrix information. Citibank provided the refinancing note for the 240,000-square-foot office building.

Previous debt included a $52 million loan from the same lender, the same data provider shows. That financing was originated in December 2020.

Located at 159-02 Rockaway Blvd. in Jamaica, N.Y., the five-story building is close to JFK International Airport and Interstate 678. Lower Manhattan is 17 miles away.

The low-rise came online in 2000 on 9 acres. The property has four passenger elevators and more than 815 parking spaces.

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The Federal Aviation Administration previously occupied the building, under a lease that would have expired in 2025. However, the agency relocated in 2023 to 1 Old Country Road in Carle Place, N.Y., about 14 miles from One Aviation Plaza, where it now occupies 74,679 square feet.

The U.S. Customs and Border Protection has since taken space at 159-02 Rockaway, according to GlobeSt. Last January, the General Services Administration signed a 139,377-square-foot lease on behalf of the agency, which relocated from Building 77 at JFK International Airport.

Office loan originations ramp up

Office loan originations rose 181 percent year-over-year in the third quarter of 2025, according to the Mortgage Bankers Association. Quarter-over-quarter growth totaled 67 percent, pointing to a recovery consistent with broader shifts in office real estate trends.

New York remained one of the hottest spots for investors. In one of the largest such deals in the city last year, a joint venture of Relates Cos., GIC and affiliates of a Middle Eastern sovereign wealth fund refinanced the office component of Deutsche Bank Center. The ownership obtained a $1.1 billion loan for the two 55-story office towers.