Feil Organization signs $25M refi extending loan on retail in Glen Oaks

Feil Organization through the entity 255 Mall LLC. as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers & Traders Trust Company valued at $25 million for the retail building (K6) at 255-01 Union Turnpike in Glen Oaks, Queens. The deal modified and extended the maturity date from May 30, 2023 to January 30, 2025.
The deal closed on May 31, 2023 and was recorded on June 6, 2023. The prior lender was M&T Bank which held debt that had an original loan amount of $25 million.The property has 231,865 square feet of built space and 313,397 square feet of additional air rights for a total buildable of 544,092 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $107 and the price per buildable square foot is $45 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 signatory for Feil Organization was Jeffrey J. Feil. The signatory for M&T Bank was Tyler Barnes.

Prior sales and revenue

The 231,865-square-foot property generated revenue of $7.5 million or $32 per square foot, according to the most recent income and expense figures.

The property

The retail building in Glen Oaks has 231,865 square feet of built space and 313,397 square feet of additional air rights for a total buildable of 544,092 square feet according to a PincusCo analysis of city data. The parcel has frontage of 387 feet and is 396 feet deep with a total lot size of 435,274 square feet. The lot is irregular. The zoning is C4-1 which allows for up to 1 times floor area ratio (FAR) for commercial and up to 1.25 times FAR for residential. The city-designated market value for the property in 2022 is $41.9 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 received one DOB violation and $4,405 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 Glen Oaks, The majority, or 84 percent of the 3.9 million square feet of commercial built space are specialty buildings, with retail buildings next occupying 8 percent of the space. In sales, Glen Oaks has the 58th highest sale turnover among other neighborhoods in Queens with $4.2 million in sales volume in the last two years. For development, Glen Oaks has had very little major development activity relative to other neighborhoods.It had 23,864 square feet of commercial and multi-family construction under development in the last two years, which represents 0.61 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 240,853 square feet of the 240,853 square feet. The identified owner is Feil Organization.
There are no active new building construction projects on this tax block.

All properties are retail.

The borrower

The PincusCo database currently indicates that Feil Organization owned at least 39 commercial properties with 1,647 residential units in New York City with 7,899,261 square feet and a city-determined market value of $1.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $248.6 million in debt, with top three lenders as Capital One, Granite Point Mortgage Trust, and First Republic Bank respectively. Within the portfolio, the bulk, or 51 percent of the 7,899,261 square feet of built space are office properties, with elevator properties next occupying 23 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Queens next at 19 percent of the space.

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