Ashkenazy Acquisition signs $6.2M refi for mixed-use in Elmhurst

Ashkenazy Acquisition through the entity New Ba Property LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $6.2 million for the mixed-use building (K7) at 89-01 Queens Boulevard in Elmhurst, Queens.
The deal closed on October 6, 2023 and was recorded on October 16, 2023. The prior lender was M&T Bank which held debt that had an original loan amount of $8.5 million.The property has 10,220 square feet of built space and 20,399 square feet of additional air rights for a total buildable of 30,598 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $608 and the price per buildable square foot is $203 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 Ashkenazy Acquisition was Ben Ashkenazy. The signatory for M&T Bank was Michael Razman.

The property

The mixed-use building in Elmhurst has 10,220 square feet of built space and 20,399 square feet of additional air rights for a total buildable of 30,598 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 129 feet deep with a total lot size of 12,592 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 $3.5 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 $75 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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $227.6 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 410,020 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 177,692 square feet of the 203,481 square feet. The identified owner is Kaled Management.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 203,481 square feet of built space are elevator buildings, with mixed-use buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Ashkenazy Acquisition owned at least six commercial properties in New York City with 471,415 square feet. (Market value is typically about 50% of actual value.) The portfolio has $125.9 million in debt, with top three lenders as Benefit Street Partners, Wilmington Trust, and Bank of Montreal respectively. Within the portfolio, the bulk, or 73 percent of the 471,415 square feet of built space are retail properties, with industrial properties next occupying 18 percent of the space. The bulk, or 43 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

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