Feil signs $28M refi with Mutual of Omaha for Glen Oaks Shopping Center

Feil Organization through the entity 255 Mall LLC as borrower signed a refi loan with lender Mutual of Omaha through the entity United Of Omaha Life Insurance Co valued at $28 million for two retail properties including the retail building (K6) at 255-01 Union Turnpike and the retail building (K1) at 255-03 Union Turnpike in Glen Oaks, Queens.
The deal closed on October 24, 2024 and was recorded on November 18, 2024. The prior lender was M&T Bank which held debt that had an original loan amount of $25 million.The two properties have 240,853 square feet of built space and 318,838 square feet of additional air rights for a total buildable of 558,562 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $116 and the price per buildable square foot is $50 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 Mutual of Omaha was Bradley R. Hammitt.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 255-01 Union Tpke.

Prior sales and revenue

Out of the two properties, one with a total of 240,853 square feet of built space generated revenue of $7.5 million per year.

The property

The retail building in Glen Oaks has 240,853 square feet of built space and 318,838 square feet of additional air rights for a total buildable of 558,562 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 435,275 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. The most recent loan totaled $25 million and was provided by M&T Bank on May 31, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $23,975 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 54th highest sale turnover among other neighborhoods in Queens with $4.6 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 128,585 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.

The block

On the tax block of 255-01 Union Tpke, 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 $433.2 million in debt, with top three lenders as Capital One, Deutsche Bank, and Morgan Stanley 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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