Cord Meyer Development signs $42.5M initial loan with Webster Bank for two properties in Queens

Cord Meyer Development Company through the entity 10818 QB LLC as borrower signed a initial loan with lender Webster Bank valued at $42.5 million for two properties including the office building (O6) at 108-18 Queens Boulevard in Forest Hills, Queens and mixed-use retail building (K6) at 51-31 Northern Boulevard in Woodside, Queens.
The deal closed on September 4, 2025 and was recorded on September 11, 2025. The two properties have 139,230 square feet of built space and 108,575 square feet of additional air rights for a total buildable of 247,755 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $305 and the price per buildable square foot is $171 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 Cord Meyer Development was Kevin Schmidt .

Prior sales and revenue

The two properties with a total of 139,230 square feet of built space generated revenue of $10.1 million per year or $72 per square foot.

The property

The office building in Forest Hills has 139,230 square feet of built space and 108,575 square feet of additional air rights for a total buildable of 247,755 square feet according to a PincusCo analysis of city data. The parcel has frontage of 170 feet and is 209 feet deep with a total lot size of 31,551 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $37.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $56,885 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 Forest Hills, The majority, or 61 percent of the 14.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has had very little sales volume relative to other neighborhoods with $88.2 million in sales volume in the last two years. For development, Forest Hills has had very little major development activity relative to other neighborhoods.It had 721,626 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 the tax block of 108-18 Queens Boulevard, PincusCo has identified the owners of three of the 10 commercial properties representing 83,015 square feet of the 232,050 square feet. The largest owner is Bldg Management, followed by Alex Adjmi and then Mehra Properties.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 232,050 square feet of built space are office buildings, with specialty buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Cord Meyer Development owned at least 13 commercial properties in New York City with 147,119 square feet and a city-determined market value of $64.3 million. (Market value is typically about 50% of actual value.) The portfolio has $99.8 million in debt, borrowed from ACRES Capital and Morgan Stanley. Within the portfolio, the bulk, or 57 percent of the 147,119 square feet of built space are mixed-use properties, with retail properties next occupying 37 percent of the space. They are all located in Queens.

Direct link to Acris document. link