F&T Group signs $57.1M refi for 17 commercial condos in Flushing, down from $75M
F&T Group through the entity QC FLUSHING LLC as borrower signed a refi loan with lender JPMorgan Chase and Barclays valued at $57.1 million for 17 commercial condo units including the property at 38-21 Main Street in Flushing, Queens.
The deal closed on May 5, 2023 and was recorded on May 19, 2023. The 17 properties have 210,748 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $270 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 F&T Group was Sunny Chiu. The signatory for JPMorgan Chase and Barclays was Jennifer R. Lewin and Adam Scotto. The prior loan from 2013 was for $75 million for the 17 commercial condo units.
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 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.1 times the average sales volume among other neighborhoods with $727.7 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On the tax block of 38-21 Main Street, PincusCo has identified the owners of six of the 18 commercial properties representing 48,593 square feet of the 318,716 square feet. The largest owner is ZL Development Group, followed by Yin Chou Hu and then Sol Goldman Investments.
On the tax block, there were three new building construction projects totaling 557,976 square feet including a 129,661 square-foot business (B) building submitted by Lions Group and filed by Albert Shirian with plans filed June 5, 2020 and it has not been permitted yet.
The majority, or 38 percent of the 318,716 square feet of built space are industrial buildings, with retail buildings next occupying 26 percent of the space.
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