Andrea Woodner signs $19.3M refi with Capital One for 321-unit rental in Flushing

Andrea Woodner through the entity Skyline Towers 5 LLC as borrower signed a refi loan with lender Capital One valued at $19.3 million for the 321-unit residential elevator building (D7) at 43-23 Colden Street in Flushing, Queens.
The deal closed on April 28, 2023 and was recorded on May 11, 2023. The prior lender was Series 2015-K45 which held debt that had an original loan amount of $21.7 million.

The property has 342,705 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $56 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 Andrea Woodner was Andrea Woodner.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Branka Lezaja, head officer and Lamont Baker, officer. The business entity is Skyline Tower 5 Llc. The 342,705-square-foot property generated revenue of $6.7 million or $20 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 321 residential units in Flushing has 342,705 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 226 feet and is 349 feet deep with a total lot size of 73,970 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $28.5 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 $150 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

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 1,192,435 square feet of the 1,558,636 square feet. The two identified owners are NYC Department of Education and Andrea Woodner.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 1.6 million square feet of built space are elevator buildings, with specialty buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Andrea Woodner owned at least four commercial properties with 1,174 residential units in New York City with 1,153,555 square feet and a city-determined market value of $91.1 million. (Market value is typically about 50% of actual value.) The portfolio has $71.3 million in debt, borrowed from Capital One. Within the portfolio, all identified are elevator properties. They are all located in Queens.

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