BLDG Management through the entity 153-01 Jamaica Realty LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $21.5 million for 10 properties including the office building (O5) at 153-01 Jamaica Avenue in Jamaica, Queens, mixed-use building (K4) at 153-11 Jamaica Avenue in Jamaica, Queens, and retail building (K1) at 4025 Laconia Avenue in Wakefield, Bronx.
The deal closed on October 5, 2023 and was recorded on October 27, 2023. The prior lender was Capital One which held debt that had an original loan amount of $25 million.
The 10 properties have 90,094 square feet of built space and 236,500 square feet of additional air rights for a total buildable of 326,583 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $238 and the price per buildable square foot is $65 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 BLDG Management was Lloyd Goldman. The signatory for M&T Bank was Hunter Noah.
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 153-01 Jamaica Avenue.
The parcel has frontage of 75 feet and is 126 feet deep with a total lot size of 9,449 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 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 received $4,310 in OATH penalties in the last year.
For the tax lot buildings, one out of the 10 buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $398.2 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.4 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
On the tax block of 153-01 Jamaica Avenue, PincusCo has identified the owners of three of the 10 commercial properties representing 43,111 square feet of the 99,934 square feet. The identified owner is BLDG Management.
There are no active new building construction projects on this tax block.
The majority, or 44 percent of the 99,934 square feet of built space are office buildings, with retail buildings next occupying 37 percent of the space.
The PincusCo database currently indicates that BLDG Management owned at least 169 commercial properties with 3,885 residential units in New York City with 5,536,010 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 5,536,010 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.
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