Film industry firm signs $59M refi for industrial in Ridgewood
The prop and scene fabricator The Specialists Ltd. through the entity Mult Lots, LLC as borrower signed a refi loan with lender Wells Fargo valued at $59 million for the industrial condo at 48-05 Metropolitan Avenue in Ridgewood, Queens.
The deal closed on December 6, 2023 and was recorded on December 19, 2023. The prior lender was Ladder Capital which held debt that had an original loan amount of $59 million.
The property has 61,704 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $956 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 June 23, 2016, for $15.8 million. The signatory for Specialists Ltd. was Richard Ryder Washburn III. The signatory for Wells Fargo was Christopher Zimmermann.
The property
The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $59 million and was provided by Ladder Capital on November 10, 2021.
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
For the tax lot building, it received its initial certificate of occupancy on July 9, 2015. On the lot, there is one active major alteration construction project for a 70,336 square-foot building. The project was submitted by William Palmer with plans filed August 22, 2023 and it has not been permitted yet.
The neighborhood
In Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has near average sales volume among other neighborhoods with $330.5 million in sales volume in the last two years and is the 6th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 333,027 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 16 of the 45 commercial properties representing 821,387 square feet of the 2,055,967 square feet. The largest owner is Xin Jing Fang, followed by Prologis and then Panagiotis Ligas.
On the tax block, there was one new building construction project filed totaling 2,248 square feet. It is a 2,248 square-foot storage (S-2) building submitted by Antonis Filacouri with plans filed July 25, 2017 and permitted March 3, 2020.
The majority, or 96 percent of the 2.1 million square feet of built space are industrial buildings, with retail buildings next occupying 3 percent of the space.
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