Cammeby’s International signs $22M refi for two rentals with 210 units in Ditmars Steinway

Cammeby’s International Group through the entity Astoria Terrace Gardens LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $22 million for two residential walkup properties including the 168-unit residential walkup building (C9) at 18-22 21st Avenue in Ditmars Steinway, Queens and 42-unit residential walkup building (C9) at 21-09 19th Street in Ditmars Steinway, Queens.
The deal closed on August 11, 2022 and was recorded on August 25, 2022. The prior lender was Series 2014-K36 with Wells Fargo as trustee which held debt that had an original loan amount of $21.2 million. The two properties have 158,193 square feet of built space and 2,919 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built 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 signatory for Cammeby’s International Group was Eli Schron. The signatory for New York Community Bank was Daniel M. Bagatta.

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 18-22 21st Avenue.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Martin Kalt, head officer. The business entity is Astoria Terrace Gardens Llc. The two properties with a total of 158,193 square feet of built space generated revenue of $3.7 million per year or $24 per square foot.

The property

The 18-22 21st Avenue parcel has frontage of 461 feet and is 154 feet deep with a total lot size of 72,936 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 87 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 18-22 21st Avenue, PincusCo has identified the owners of six of the 26 commercial properties representing 150,510 square feet of the 239,570 square feet. The largest owner is Cammeby’s International Group, followed by Taras Pawluk and then Nikolas Kladias.
There are two active new building construction projects totaling 34,114 square feet. The largest is a 17-unit, 23,095-square-foot R-2 building developed by Daniel Kaykov with plans filed March 28, 2022 and it has not been permitted yet. The second largest is a 12-unit, 11,019-square-foot R-2 building developed by Rasim Toskic with plans filed September 25, 2019 and permitted May 5, 2021.

The majority, or 96 percent of the 239,570 square feet of built space are walkup buildings, with mixed-use buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Cammeby’s International Group owned at least 125 commercial properties in New York City with 16,230,174 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 16,230,174 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 31 percent of the space.

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