Alexander Mehran signs $15M refi for retail in Flushing

Alexander Mehran through the entity Mehran Holdings Ltd. as borrower signed a refi loan with lender ConnectOne Bank valued at $15 million for the retail building (K1) at 37-11 Main Street in Flushing, Queens.
The deal closed on December 30, 2025 and was recorded on January 16, 2026. The prior lender was Dime Community Bank which held debt that had an original loan amount of $4.5 million.The property has 44,800 square feet of built space and 9,646 square feet of additional air rights for a total buildable of 54,514 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $334 and the price per buildable square foot is $275 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 Alexander Mehran was Alexander J. Mehran. The signatory for ConnectOne Bank was Kimberly Cioch.

The property

The retail building in Flushing has 44,800 square feet of built space and 9,646 square feet of additional air rights for a total buildable of 54,514 square feet according to a PincusCo analysis of city data. The parcel has frontage of 61 feet and is 100 feet deep with a total lot size of 22,434 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $11 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 $2,500 in ECB penalties and $3,550 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 neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.4 times the average sales volume among other neighborhoods with $728.5 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 180,599 square feet of the 318,716 square feet. The largest owner is F&T Group, followed by Sol Goldman Investments and then Solil Management.
On the tax block, there were five new building construction projects totaling 643,120 square feet. The largest is a 156-unit, 246,980 square-foot residential (R-2) building submitted by F&T Group and filed by Richard Siu with plans filed December 17, 2025 and it has not been permitted yet. The second largest is a 151,076 square-foot 56 building submitted by F&T Group and filed by Richard Siu with plans filed March 19, 2025 and it has not been permitted yet.

The majority, or 38 percent of the 318,716 square feet of built space are industrial buildings, with retail buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Alexander Mehran owned at least two commercial properties in New York City with 101,806 square feet and a city-determined market value of $20.1 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from BNB Bank. Within the portfolio, the bulk, or 75 percent of the 101,806 square feet of built space are mixed-use properties, with retail properties next occupying 25 percent of the space. They are all located in Queens.

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