Ash Management signs $7.8M refi with Berkshire Bank for mixed-use building in Jamaica

Ash Management through the entity Alden Realty Enterprises Inc as borrower signed a refi loan with lender Berkshire Bank valued at $7.8 million for the mixed-use building at 92-23 165th Street in Jamaica, Queens.
The deal closed on November 29, 2021 and was recorded on January 28, 2022. The prior lender was Berkshire Bank which held debt that had an original loan amount of $8 million.
The property has 32,737 square feet of built space and 91,435 square feet of additional air rights for a total buildable of 124,252 square feet according to PincusCo analysis of city data. The loan price per built square foot is $238 and the price per buildable square foot is $62 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 Ash Management was Ezra Ashkenazi. The signatory for Berkshire Bank was Jeanette Kahan.
The 32,737-square-foot property generated revenue of $614,665 or $19 per square foot, according to the most recent income and expense figures.

Ezra Ashkenazi is the vice president of Ash Management.

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 41 percent of the 306,094 square feet of built space are office buildings, with mixed-use buildings next occupying 25 percent of the space.
Within a 400-foot radius of 92-23 165th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $12.9 million. The most recent of the two was Ronald Menashe which borrowed $5.6 million from Signature Bank secured by the 19,000-square-foot, one-unit mixed-use building (K2) on 164-02 Jamaica Avenue and two other properties on May 7, 2020.

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