Charney Companies signs $30M refi loan with Arbor Realty Trust for residential elevator in Long Island City
Charney Companies through the entity 10-27 Jackson Property LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Investment LLC valued at $30 million for the 50-unit residential elevator building (D6) at 10-27 50th Avenue in Long Island City, Queens.
The deal closed on March 31, 2023 and was recorded on April 7, 2023. The prior lender was Santander Bank which held debt that had an original loan amount of $21 million.The property has 65,015 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $461 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 Charney Companies was Samuel Charney. The signatory for Arbor Realty Trust was Susana Iannicelli.
The property
The residential elevator building with 50 residential units in Long Island City has 65,015 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 6,899 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 million. The most recent loan totaled $21 million and was provided by Santander Bank on July 14, 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 received $3,125 in ECB penalties and $3,850 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project for a 50-unit, 34,810 square-foot R-2 building. The project was submitted by Charney Companies and filed by David Katzen with plans filed September 21, 2017 and permitted May 28, 2021.
The block
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 65,015 square feet of the 85,026 square feet. The identified owner is Charney Companies, Katzen Family.
On the tax block, there was one new building construction project filed totaling 34,810 square feet. It is a 50-unit, 34,810 square-foot residential (R-2) building submitted by Charney Companies and filed by David Katzen with plans filed September 21, 2017 and permitted May 28, 2021.
The majority, or 76 percent of the 85,026 square feet of built space are elevator buildings, with mixed-use buildings next occupying 12 percent of the space.
The borrower
The PincusCo database currently indicates that Charney Companies owned at least 11 commercial properties with 45 residential units in New York City with 70,221 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 41 percent of the 70,221 square feet of built space are walkup properties, with industrial properties next occupying 36 percent of the space. The bulk, or 77 percent of the built space, is in Brooklyn, with Queens next at 23 percent of the space.
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