Sapphire Holdings Group signs $8.8M loan with Flushing Bank for industrial in Queens Village

Sapphire Holdings Group through the entity 217-44 Realty LLC as borrower signed a loan with lender Flushing Bank valued at $8.8 million for the industrial building (F5) at 217-44 98th Avenue in Queens Village, Queens.
The deal closed on July 14, 2023 and was recorded on August 4, 2023. The property has 66,978 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $130 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 June 9, 2020, for $11 million.

Prior sales and revenue

The 66,978-square-foot property generated revenue of $1.3 million or $19 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 530 feet and is 100 feet deep with a total lot size of 66,629 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.6 million. The most recent loan totaled $8.2 million and was provided by Signature Bank on June 9, 2020.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Queens Village, The bulk, or 26 percent of the 4.9 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 23 percent of the space. In sales, Queens Village has the 28th highest sale turnover among other neighborhoods in Queens with $69.4 million in sales volume in the last two years. For development, Queens Village has had very little major development activity relative to other neighborhoods.It had 96,568 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.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 80,328 square feet of the 80,328 square feet. The two identified owners are Charatan Realty and James Juliano.
There are no active new building construction projects on this tax block.

All properties are industrial.

Correction: A previous post identified the buyer as Charatan Realty.

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