$24.8M refi loan with Valley National Bank for two properties in Queens Village

The entity TYH Queens Village LLC as borrower, which is affiliated with Moshe Greenzweig and Juda Stern, signed a refi loan with lender Valley National Bank valued at $24.8 million for two properties including the 64-unit residential elevator building (D1) at 94-03 222nd Street in Queens Village, Queens and 63-unit residential walkup building (C1) at 93-45 222nd Street in Queens Village, Queens.
The deal closed on December 8, 2022 and was recorded on December 15, 2022. The prior lender was Dwight Capital which held debt that had an original loan amount of $22.3 million. The two properties have 155,937 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $159 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Moshe Greenzweig and Juda Stern was Seema Drillman. The signatory for Valley National Bank was Jeff Puchin and Victor Brown. This is replacing a bridge loan for the $20 million acquisition in June.

The entity bought the buildings for $20 million, and at the time the buyer was reported to be Treetop Development, in part because the owner was in care of Treetop Development. These buildings do not appear on the Treetop Development website.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 94-03 222nd Street.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Juda Stern, head officer. The business entity is Tyh Queens Village Llc. The two properties with a total of 155,937 square feet of built space generated revenue of $2.4 million per year or $16 per square foot.

The property

The 94-03 222nd Street parcel has frontage of 166 feet and is 280 feet deep with a total lot size of 44,240 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.The most recent loan totaled $22.3 million and was provided by Dwight Mortgage Trust on June 10, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 38 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 94-03 222nd Street, PincusCo has identified the owners of one of the 15 commercial properties representing 1,900 square feet of the 199,482 square feet. The identified owner is Ilidio Chaves.
On the tax block, there was one new building construction project filed totaling 51,493 square feet. It is a 51,493-square-foot B building developed by Paramjit Kaur with plans filed September 29, 2017 and permitted August 31, 2021.

The majority, or 41 percent of the 199,482 square feet of built space are walkup buildings, with elevator buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Moshe Greenzweig owned at least seven commercial properties in New York City with 433,503 square feet and a city-determined market value of $19.3 million. (Market value is typically about 50% of actual value.) The portfolio has $42.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 90 percent of the 433,503 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. They are all located in Brooklyn.

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