CurbCut Urban Partners signs $6.3M refi with Provident Bank for stalled dev in Sunnyside
38-01 Queens Boulevard (Credit - George Azer Fanous architect via DOB)
CurbCut Urban Partners through the entity CurbCut Queens Blvd LLC as borrower signed a refi loan with lender Provident Bank valued at $6.3 million for the stalled development project at 38-01 Queens Boulevard in Sunnyside, Queens.
On the lot, there is a new building construction project through job number 421387626 for a 139,029 square-foot office (B) building. The project was submitted by CurbCut Urban Partners and filed by Benjamin Malinksy with plans filed October 14, 2016 and permitted June 3, 2019. City Department of Buildings records note “job on hold” on the job’s page.
The deal closed on June 25, 2024 and was recorded on July 16, 2024. The prior lender was Blackstone Group which held debt that had an original loan amount of $6 million. The property has 152,415 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $41 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 December 28, 2015, for $12.1 million. The signatory for CurbCut Urban Partners was Joseph Misk. The signatory for Provident Bank was Ryan McAuliffe.
The property
The parcel has frontage of 100 feet and is 225 feet deep with a total lot size of 22,500 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $5.7 million. The most recent loan totaled $6 million and was provided by Signature Bank on April 28, 2022.
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 one DOB violation in the last year.
The neighborhood
In Sunnyside, The bulk, or 32 percent of the 16 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $143.8 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 523,731 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 169,140 square feet of the 182,640 square feet. The two identified owners are Platinum Realty Associates and Dennis & Co. Auto Group.
On the tax block, there were three new building construction projects totaling 345,271 square feet. The largest is a 139,029 square-foot business (B) building submitted by Curbcut Urban Partners and filed by Benjamin Malinksy with plans filed October 14, 2016 and permitted June 3, 2019. The second largest is a 103,121 square-foot 56 building submitted by Dennis & Co. Auto Group and filed by Brian Dennis with plans filed June 5, 2023 and permitted June 25, 2024.
The majority, or 83 percent of the 182,640 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.
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