BLDG Management signs $26M refi loan with Provident Bank for seven properties in NYC

BLDG Management through the entity Lkd Partners 2004, LLC as borrower signed a refi loan with lender Provident Bank valued at $26 million for seven properties including the retail building (K1) at 45-18 Greenpoint Avenue in Sunnyside, Queens, mixed-use building (K4) at 160-04 Jamaica Avenue in Jamaica, Queens, and retail building (K1) at 780 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on October 28, 2021 and was recorded on November 15, 2021.
The seven properties have 50,658 square feet of built space and 120,068 square feet of additional air rights for a total buildable of 170,715 square feet according to PincusCo analysis of city data. The loan price per built square foot is $513 and the price per buildable square foot is $152 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.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $1.1 million.

Within a 400-foot radius of 160-04 Jamaica Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on September 11, 2020 for a 326,528-square-foot R-2 building with 315 residential units at 92-27 160th Street.
Of those three items, two were loans above $5 million totaling $139.1 million. The most recent of the two was United American Land which borrowed $50.0 million from Morgan Stanley secured by the 163,597-square-foot, two-unit mixed-use building (K2) on 160-08 Jamaica Avenue on June 15, 2021.

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