BRG Management signs $37M refi loan with New York Community for 231 units in Kew Gardens
BRG Management signed a $37 million refinance loan with New York Community Bank for two residential buildings in Kew Gardens with a total of 231 units in two separate transactions.
In the larger, BRG Management through the entity Clayton Grenfell LLC as borrower signed a refi loan with lender New York Community Bank valued at $19.2 million for the 128-unit residential elevator building at 80-15 Grenfell Street in Kew Gardens, Queens.
The deal closed on January 1, 2022 and was recorded on February 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $20.2 million.
The property has 82,091 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $234 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 owner bought the property on February 25, 2016, for $28 million.
The signatory for BRG Management was Daniel Benedict. The signatory for New York Community Bank was John Feijoo.
The 82,091-square-foot property generated revenue of $2.1 million or $26 per square foot, according to the most recent income and expense figures.
The owners according to the Department of Housing Preservation and Development includes Ari Benedict, head officer and Andrew Melohn, officer. The business entities are Brg Management Llc and Dale-Grenfell Llc.
Direct link to Acris document. link
In the second deal, BRG Management through the entity BRG Ocean 18 LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $17.8 million for the 103-unit residential walkup building at 84-17 125th Street in Kew Gardens, Queens.
The deal closed on January 1, 2022 and was recorded on February 14, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $18.7 million.
The property has 84,605 square feet of built space and 42,840 square feet of additional air rights for a total buildable of 127,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $209 and the price per buildable square foot is $139 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 owner bought the property on February 25, 2016, for $25.5 million.
The signatory for BRG Management was Daniel Benedict. The signatory for New York Community Bank was John Feijoo.
The 84,605-square-foot property generated revenue of $1.9 million or $22 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $246,080.
In Kew Gardens, the bulk, or 47 percent of the 13.9 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 26 percent of the space. In sales, Kew Gardens has the 26th highest sale turnover among other neighborhoods in Queens with $39.7 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 336,070 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.
On the tax block, the majority, or 96 percent of the 87,933 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 4 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Ari Benedict, head officer and Andrew Melohn, officer. The business entities are Brg Management Llc and Dale-Grenfell Llc.
Direct link to Acris document. link