Century Development signs $29.7M refi loan with Bravo Capital for 90-unit rental in Jamaica
Century Development Group through the entity 90 Ave Realty De LLC as borrower signed a refi loan with lender Bravo Capital through the entity Bravo Capital LLC valued at $29.7 million for the 90-unit residential elevator building (D1) at 148-31 90th Avenue in Jamaica, Queens.
The deal closed on April 8, 2024 and was recorded on April 16, 2024. The prior lender was MF1 Capital which held debt that had an original loan amount of $28.4 million.The property has 101,540 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $292 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 March 28, 2017, for $5.7 million. The signatory for Century Development Group was George Xu. The signatory for Bravo Capital was Aaron Krawitz.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Jasper Wu, head officer and Tracy Law, officer. The business entity is 90 Ave Realty Llc. The 101,540-square-foot property generated revenue of $2.4 million or $24 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 90 residential units in Jamaica has 101,540 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 145 feet deep with a total lot size of 15,225 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.4 million. The most recent loan totaled $21.4 million and was provided by MFI Capital on September 17, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations and $100 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project for a 90-unit, 69,971 square-foot R-2 building. The project was submitted by Century Development Group and filed by George Xu with plans filed September 20, 2017 and permitted October 16, 2018.
The block
On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 287,613 square feet of the 385,216 square feet. The largest owner is Zengwen Ye, followed by Michael Partridge Realty Corp. and then Century Development Group.
On the tax block, there were three new building construction projects totaling 157,898 square feet. The largest is a 90-unit, 69,971 square-foot residential (R-2) building submitted by Century Development Group and filed by George Xu with plans filed September 20, 2017 and permitted August 6, 2018. The second largest is a 97-unit, 64,509 square-foot residential (R-2) building submitted by Shao Ling with plans filed November 18, 2016 and permitted July 12, 2021.
The majority, or 81 percent of the 385,216 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.
The borrower
The PincusCo database currently indicates that Century Development Group owned at least 12 commercial properties with 293 residential units in New York City with 360,267 square feet and a city-determined market value of $49.6 million. (Market value is typically about 50% of actual value.) The portfolio has $378.1 million in debt, with top three lenders as Maxim Capital Group, Bank Hapoalim, and Citibank respectively. Within the portfolio, the bulk, or 52 percent of the 360,267 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. They are all located in Queens.
Direct link to Acris document. link