Aron Cytryn signs $35M refi loan with Metropolitan Commercial Bank for specialty in Far Rockaway

Aron Cytryn through the entity West Lawrence Care Center LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $35 million for the specialty building at 14-10 Seagirt Boulevard in Far Rockaway, Queens.
The deal closed on May 2, 2022 and was recorded on May 11, 2022. The prior lender was M&T Bank which held debt that had an original loan amount of $14.8 million. The property has 81,500 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $429 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 Aron Cytryn was Aron Cytryn. The signatory for Metropolitan Commercial Bank was Brett Bandazian.

The property

The 14-10 Seagirt Boulevard parcel has frontage of 255 feet and is 141 feet deep with a total lot size of 44,657 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received three DOB violations and $2,935 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 $5 million on this tax lot.

The neighborhood

In Far Rockaway, the bulk, or 39 percent of the 21.1 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 38 percent of the space. In sales, Far Rockaway has the 30th highest sale turnover among other neighborhoods in Queens with $33.3 million in sales volume in the last two years. For development, Far Rockaway is the 5th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space.

The block

There is one active new building construction project totaling 13,981 square feet. It is a 15-unit, 13,981-square-foot R-2 building developed by Mier Roth with plans filed November 20, 2017 and it has not been permitted yet.

The majority, or 52 percent of the 232,830 square feet of built space are residential elevator buildings, with specialty buildings next occupying 35 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 14-10 Seagirt Boulevard that occurred over the past 24 months.

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