Black Spruce pays $87.2M to Musso Group for two residential elevator buildings in Briarwood
Black Spruce Management through the entity Briarwood Affordable LLC paid $87.2 million to the Musso Group through the entity Briarwood Mp LLC for 139-unit residential elevator building at 80-08 135th Street in Briarwood, Queens and 189-unit residential elevator building at 81-10 135th Street in Briarwood, Queens.
At the same time, Black Spruce Management through the entity Briarwood Affordable LLC as borrower signed an acquisition loan with lender Signature Bank valued at $62 million for the two residential elevator buildings. The prior lender was Signature Bank which held debt that had an original loan amount of $26 million.
The deal closed on December 28, 2021 and was recorded on January 13, 2022.
The two properties have 398,516 square feet of built space and 13,659 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $218 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 Musso Group was Victor Musso. The signatory for Black Spruce Management was Joshua Gotlib.
Prior to this transaction, the buyer Black Spruce Management purchased 63 properties in 47 transactions for a total of $355.6 million and sold one property in one transactions for a total of $7.9 million over the past 24 months.
The seller Musso Group had not purchased any other properties and had not sold any properties over the same time period.
The two properties with a total of 398,516 square feet of built space generated revenue of $8.7 million per year or $22 per square foot. The sale price per square foot was $219.
(420178024)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 139 residential units on September 25, 2015.
In Briarwood, the majority, or 48 percent of the 11.6 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 33 percent of the space. In sales, Briarwood has had very little sales volume relative to neighborhoods in the city with $62.1 million in sales volume in the last two years. For development, Briarwood has had very little major development activity relative to other neighborhoods.It had 61,590 square feet of commercial construction under development in the last two years, which represents 0.53 percent of the neighborhood’s built space.
On the tax block, all properties are residential elevator.
The former owners according to the Department of Housing Preservation and Development included Victor Musso, head officer and Alfons Pali, officer. The business entities are Briarwood Mp Llc and Briarwood Mp Llc.
Within a 400-foot radius of 80-08 135th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Kalikow Group borrowed $10.9 million from JPMorgan Chase secured by the 125,164-square-foot, 181-unit rental (D1) on 135-10 Grand Central Pkwy on December 7, 2020.
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