394-unit Northridge co-op in Jackson Heights signs $25M refi with Wells Fargo

The Northridge Cooperative through the entity Northridge Cooperative Section No. III, Inc. as borrower signed a refi loan with lender Wells Fargo valued at $25 million for the 394-unit residential elevator building (D4) at 32-20 89th Street in Jackson Heights, Queens.
The deal closed on June 30, 2023 and was recorded on July 18, 2023. The prior lender was Series 2016-K723 which held debt that had an original loan amount of $20 million.

The property has 399,204 square feet of built space and 75,967 square feet of additional air rights for a total buildable of 475,139 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $62 and the price per buildable square foot is $52 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 Northridge Cooperative was Carmen E. Moreno. The signatory for Wells Fargo was Christian Adrian.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development include Carmen Moreno, head officer and Wei Ming Yu, officer. The business entities are Northridge Cooperative Section III, Delkap Management., and Northridge Cooperative Sec Iii, Inc. The 399,204-square-foot property generated revenue of $7.5 million or $19 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 394 residential units in Jackson Heights has 399,204 square feet of built space and 75,967 square feet of additional air rights for a total buildable of 475,139 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 690 feet deep with a total lot size of 138,122 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $28.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $625 in ECB penalties, one housing violation, and $5,305 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

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