Eric Sternberg signs $35.1M refi with Dime Community Bank for industrial in Jamaica

Eric Sternberg through the entity Douglas Holdings, LLC as borrower signed a refi loan with lender Dime Community Bank valued at $35.1 million for the industrial building (E1) at 170-01 Douglas Avenue in Jamaica, Queens.
The deal closed on November 1, 2022 and was recorded on November 9, 2022. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $25 million.
The owner bought the property on November 26, 2013, for $3.4 million. The signatory for Eric Sternberg was Eric Sternberg. The signatory for Dime Community Bank was Joseph Grunwald.

Prior sales and revenue

The 17,550-square-foot property generated revenue of $4.3 million or $247 per square foot, according to the most recent income and expense figures.

The property

The 170-01 Douglas Avenue parcel has frontage of 75 feet and is 148 feet deep with a total lot size of 11,000 square feet. 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 $8.5 million.

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, $2,530 in ECB penalties, and $2,530 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project for a 108-unit, 48,772 square-foot R-1 building. The project was developed by Eric Sternberg with plans filed March 10, 2017 and permitted October 3, 2019.

The neighborhood

In Jamaica, the bulk, or 29 percent of the 27.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $311.1 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 38 commercial properties representing 20,550 square feet of the 196,332 square feet. The largest owner is Eric Sternberg, followed by Chan Debi Harriprasad and then Lirr.
On the tax block, there were seven new building construction projects totaling 49,647 square feet. The largest is a zero-unit, 12,204-square-foot S-2 building developed by Christopher Hein with plans filed October 1, 2019 and it has not been permitted yet.The second largest is a nine-unit, 12,039-square-foot R-2 building developed by Abu Haque with plans filed May 14, 2019 and permitted May 20, 2021.

the majority, or 55 percent of the 196,332 square feet of built space are industrial buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Eric Sternberg owned at least two commercial properties in New York City with 20,550 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) The portfolio has $35.9 million in debt, borrowed from Golden Bridge Funding and Levon Capital. Within the portfolio, all identified are industrial properties. They are all located in Queens.

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