Block Institute, Arker sign $88M construction loan with NYS for 194-unit project in Edgemere

Block Institute and Arker Companies through the entity Ec A1 Housing Development Fund Corporation as borrower signed a new construction loan with lender NYS Housing Finance Agency through the entity The City Of New York valued at $88 million for the development building at 51-23 Beach Channel Drive in Edgemere, Queens.
The deal closed on December 16, 2021 and was recorded on January 27, 2022.

The signatory for Block Institute and Arker Companies was Daniel Moritz and Scott Barkin.
(421133339) Plans for a 194-unit, 161,782 square-foot R-2 were filed on October 19, 2020.

In Edgemere, the majority, or 65 percent of the 6 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 18 percent of the space. In sales, Edgemere has had very little sales volume relative to other neighborhoods with $123.2 million in sales volume in the last two years. For development, Edgemere has had very little major development activity relative to other neighborhoods. It had 536,872 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
On the tax block, all properties are development. There have been three new construction projects filed or permitted on the block in the last two years. The largest was for a 257-unit, 220,478-square foot R-2 building, filed on September 25, 2020.

Within a 400-foot radius of 5123 Beach Channel Drive, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on September 25, 2020 for a 220,478-square-foot R-2 building with 257 residential units at 5119 Beach Channel Drive.
Of those five items, two were sales above $5 million totaling $100.7 million. The most recent of the two was Tishman Speyer which bought the development site (V6) on 5119 Beach Channel Drive and nine other properties for $90.4 million from Arker Companies on December 8, 2021.
Of those five items, two were loans above $5 million totaling $89 million. The most recent of the two was Tishman Speyer which borrowed $55 million from Wells Fargo secured by the development site (V6) on 5119 Beach Channel Drive and nine other properties on December 8, 2021.

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