EverWest, now known as Sagard Real Estate signs $32M initial loan for industrial in Maspeth

EverWest Real Estate Investors, now known as Sagard Real Estate, through the entity GFP Cl Maspeth 55-30 LLC as borrower signed a initial loan with lender J.P. Morgan Asset Management through the entity GIM Commercial Mortgage Loan Fund LP valued at $32 million for the industrial building (F9) at 55-30 46th Street in Maspeth, Queens.
The deal closed on August 30, 2023 and was recorded on December 5, 2023. The property has 70,500 square feet of built space and 185,455 square feet of additional air rights for a total buildable of 255,800 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $454 and the price per buildable square foot is $125 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 September 17, 2021, for $57.2 million. The signatory for EverWest Real Estate Investors and Sagard Real Estate was Michael Warren. EverWest rebranded as Sagard.

The property

The industrial building in Maspeth has 70,500 square feet of built space and 185,455 square feet of additional air rights for a total buildable of 255,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 360 feet and is 350 feet deep with a total lot size of 127,900 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $7.5 million.

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 $6,250 in ECB penalties and $6,250 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $660.9 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 745,619 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. There were 10 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 one of the 12 commercial properties representing 70,500 square feet of the 547,871 square feet. The identified owner is EverWest Real Estate Investors.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 547,871 square feet of built space are industrial buildings, with office buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Everwest Real Estate Investors owned at least one commercial property in New York City with 70,500 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

Direct link to Acris document. link