A&E Real Estate refis $65M with Signature Bank for seven rentals in Queens

A&E Real Estate Holdings refinanced $65 million in loans with Signature Bank for seven rental buildings in Queens. Shortly before this, these buildings were included within a series of multi-party entity-level ownership transfers.
A&E executives are identified through the city’s Department of Housing Preservation and Development as owner representatives, however the signatory for the loans was an executive with a company called CSC Entity Services.

In the first, A&E Real Estate Holdings through the entity 41-25 Case Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 109 residential units at 41-25 Case Street in Elmhurst. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 97,266 square feet of built space.
The average loan per unit is $113,418.
The seven loans recorded today totaled just under $65 million. The signatory for each was an executive at CSC Entity Services. The owner representatives identified in NYC Housing Preservation and Development records were executives of A&E Real Estate Holdings. These seven properties were part of a portfolio of 40 A&E-affiliated buildings that saw a Harvard University ownership stake transfer to another entity, though it was not clear if the new entity was also a Harvard affiliate. At the same time, there were other entity-level transfers of the portfolio which resulted in more than $6 million in transfer taxes paid to the city and state. The last time the property sold was December 5, 2013 for $16,749,937.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $114,200.

Direct link to Acris document. link

In the second, A&E Real Estate Holdings through the entity 32-06 47Th Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $10.3 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 63 residential units at 32-06 47th Street in Astoria. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 55,840 square feet of built space.
The average loan per unit is $162,829.
The last time the property sold was September 24, 2019 for $3,526,530.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link

In the third, A&E Real Estate Holdings through the entity 83-40 Britton Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 69 residential units at 83-40 Britton Avenue in Elmhurst. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 59,596 square feet of built space.
The average loan per unit is $142,409.
The last time the property sold was September 24, 2019 for $3,526,530.
Direct link to Acris document. link

In the fourth, A&E Real Estate Holdings through the entity 35-16 34Th Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 70 residential units at 35-16 34th Street in Long Island City. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 50,232 square feet of built space.
The average loan per unit is $128,923.
The last time the property sold was September 24, 2019 for $3,526,530.
Direct link to Acris document. link

In the fifth, A&E Real Estate Holdings through the entity 32-52 33Rd Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $8.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 32-52 33rd Street in Astoria. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 40,740 square feet of built space.
The average loan per unit is $138,434.
The last time the property sold was December 5, 2013 for $10,755,181.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link

In the sixth, A&E Real Estate Holdings through the entity 32-42 33Rd Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $8.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 32-42 33rd Street in Astoria. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 40,000 square feet of built space.
The average loan per unit is $135,834.
The last time the property sold was September 24, 2019 for $3,526,530.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $64,100.

Direct link to Acris document. link

In the seventh, A&E Real Estate Holdings through the entity 86-02 Forest Parkway, LLC as borrower signed a loan agreement with lender Signature Bank valued at $6.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 47 residential units at 86-02 Forest Parkway in Woodhaven. The deal closed on January 28, 2021 and was recorded on February 26, 2021.
The property contains a total of 42,000 square feet of built space.
The average loan per unit is $144,048.
The last time the property sold was September 24, 2019 for $3,526,530.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link