Chon Property signs $15M refi with PCB for specialty in College Point
Chon Property through the entity Chon Property Corp. as borrower signed a refi loan with lender PCB Bank valued at $15 million for the specialty building (P6) at 131-10 11th Avenue in College Point, Queens.
The deal closed on January 22, 2025 and was recorded on February 13, 2025. The prior lender was PCB Bank which held debt that had an original loan amount of $17 million.The property has 99,239 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $151 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 July 15, 2005, for $3.6 million. The signatory for Chon Property was Steve S. Chon and Stephanie Chon. The signatory for PCB Bank was Eun G. Choi.
The property
The specialty building in College Point has 99,239 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 170 feet and is 200 feet deep with a total lot size of 30,000 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 $16.8 million. The most recent loan totaled $15 million and was provided by Pacific City Bank on December 20, 2019.
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 eight DOB violations, $2,500 in ECB penalties, and $3,900 in OATH penalties 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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has near average sales volume among other neighborhoods with $286.6 million in sales volume in the last two years and is the 6th highest in Queens. For development, College Point has had very little major development activity relative to other neighborhoods.It had 535,379 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 55,700 square feet of the 57,500 square feet. The identified owner is Gcp Storage Advisors.
There are no active new building construction projects on this tax block.
All properties are industrial.
The borrower
The PincusCo database currently indicates that Chon Property owned at least one commercial property in New York City with 99,239 square feet and a city-determined market value of $16.8 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Pacific City Bank. The portfolio consists of at least a single P6 property. It is located in Queens.
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