Feil Organization signs $12.5M refi with Mutual of Omaha for retail in Whitestone

The Feil Organization through the entity East 11th Holding LLC as borrower signed a refi loan with lender Mutual of Omaha through the entity United of Omaha Life Insurance Company valued at $12.5 million for the retail center (K6) known as Whitestone Plaza at 153-01 10th Avenue in Whitestone, Queens.
The deal closed on April 17, 2024 and was recorded on April 29, 2024. The property has 66,482 square feet of built space and 130,755 square feet of additional air rights for a total buildable of 198,115 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $188 and the price per buildable square foot is $63 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 30, 2013, for $23.9 million. The prior lender was Blackstone Group which acquired the $13.1 million loan originally provided by Signature Bank.
The signatory for the Feil Organization was Jeffrey Feil.

The property

The parcel has two buildings with frontage of 524 feet and is 379 feet deep with a total lot size of 198,115 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 $13.9 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 not received any significant violations 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 Whitestone, The bulk, or 27 percent of the 2.6 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Whitestone has the 24th highest sale turnover among other neighborhoods in Queens with $63 million in sales volume in the last two years. For development, Whitestone has had very little major development activity relative to other neighborhoods.It had 15,032 square feet of commercial and multi-family construction under development in the last two years, which represents 0.58 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 66,482 square feet of the 352,147 square feet. The identified owner is Feil Organization.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 352,147 square feet of built space are industrial buildings, with retail buildings next occupying 19 percent of the space.

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