Dynamic Star ups debt to $53M with Columbia Pacific Advisors for industrial in Long Island City

Dynamic Star through the entity Aags Holdings LLC as borrower signed a refi loan with lender Columbia Pacific Advisors through the entity Cpif Mra, LLC valued at $53 million for the industrial building (F2) at 23-10 Queens Plaza South in Long Island City, Queens.
The deal closed on November 15, 2022 and was recorded on November 18, 2022.  The prior lender was Columbia Pacific Advisors which held debt that had an original loan amount of $38.5 million.The property has 108,000 square feet of built space and 96,560 square feet of additional air rights for a total buildable of 204,544 square feet according to PincusCo analysis of city data. The loan price per built square foot is $490 and the price per buildable square foot is $259 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 November 20, 2019, for $27.5 million. The signatory for Dynamic Star was Gary Segal. The signatory for Columbia Pacific Advisors was Brad Shain.

The property

The 23-10 Queens Plaza South parcel has frontage of 187 feet and is 137 feet deep with a total lot size of 27,200 square feet. The lot is irregular. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.The most recent loan totaled $38.5 million and was provided by Columbia Pacific Advisors on December 3, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four DOB violations in the last year.

Development

On the lot, there is one active major alteration construction project for a 337,058 square-foot B building. The project was developed by Ned White with plans filed January 10, 2014 and it has not been permitted yet.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 498,824 square feet of the 498,824 square feet. The two identified owners are Carlyle Group and Dynamic Star.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 498,824 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Dynamic Star owned at least seven commercial properties in New York City. The portfolio has $272.7 million in debt, with top three lenders as Columbia Pacific Advisors, Signature Bank, and Churchill Real Estate Holdings respectively. Within the portfolio, the bulk, or 95 percent of the 118,090 square feet of built space are industrial properties, with office properties next occupying 5 percent of the space. The bulk, or 91 percent of the built space, is in Queens, with Bronx next at 9 percent of the space.

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