Anthony Chiodi, Richard Regan sign $5.6M refi with NewBank for two office properties in Bayside
Anthony Chiodi and Richard Regan through the entity Bayside Ram Realty, LLC as borrower signed a refi loan with lender NewBank through the entity Newbank valued at $5.6 million for two office properties including the office building (O2) at 214-23 42nd Avenue in Bayside, Queens and office building (O2) at 214-25 42nd Avenue in Bayside, Queens.
The deal closed on October 25, 2023 and was recorded on October 27, 2023. The prior lender was Maspeth Federal Savings and Loan Association which held debt that had an original loan amount of $6.4 million.The two properties have 14,300 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $391 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 Anthony Chiodi and Richard Regan was Anthony Chiodi and Richard Regan. The signatory for NewBank was Min Woo Nahm.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 214-23 42nd Avenue.
The property
The parcel has frontage of 79 feet and is 114 feet deep with a total lot size of 9,093 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 Bayside, The bulk, or 42 percent of the 6.8 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 22nd highest sale turnover among other neighborhoods in Queens with $90.7 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 181,199 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On the tax block of 214-23 42nd Avenue, PincusCo has identified the owners of five of the 28 commercial properties representing 23,884 square feet of the 148,125 square feet. The largest owner is Storage Deluxe, followed by Lirr and then Bo Jiang.
There are no active new building construction projects on this tax block.
The majority, or 35 percent of the 148,125 square feet of built space are office buildings, with mixed-use buildings next occupying 34 percent of the space.
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