AAG, Bentley sign $25M refi for College Point Center mall

AAG Management and Bentley Properties through the entity 1411 Ventures, LLC (and others) as borrowers signed a refi loan with lender RGA Reinsurance Company valued at $25 million for the College Point Center mall at 132-01 20th Avenue in College Point, Queens. The mall is managed by Related Companies.
The deal closed on February 7, 2022 and was recorded on March 1, 2022. The prior lender was NY Community Bank which held debt that had an original loan amount of $26 million.
The property has 97,210 square feet of built space and 250,012 square feet of additional air rights for a total buildable of 347,239 square feet according to PincusCo analysis of city data. The loan price per built square foot is $257 and the price per buildable square foot is $71 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 owner bought the property on December 9, 2005, for $20.8 million.
The signatory for AAG Management was Morris Levy and Arnold Gumowitz. The signatory for RGA Reinsurance Company was Christopher Dolan.
The 97,210-square-foot property generated revenue of $4.4 million or $45 per square foot, according to the most recent income and expense figures.

(421032821)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 6, 2019. (421032821) Plans for a 0-unit, 9,000 square-foot M were filed on September 24, 2014 and were permitted on October 10, 2017.
In College Point, the bulk, or 47 percent of the 21.6 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 24 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $198.6 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 54,375 square feet of commercial and multi-family construction under development in the last two years, which represents 0.25 percent of the neighborhood’s built space.
On the tax block, all properties are mixed-use.
Within a 400-foot radius of 132-01 20th Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on September 4, 2020 for the $483,000 renovation of 26,802-square-foot S-1 building with N/A residential units at 18-02 132nd Street.

Direct link to Acris document. link