Gina Argento of Broadway Stages signs $21M refi loan with TD Bank for industrial in Long Island City

Broadway Stages through the entity 51-02 21st Realty LLC as borrower signed a refi loan with lender TD Bank valued at $21 million for the industrial building (F9) at 11-58 Borden Avenue in Long Island City, Queens.
The deal closed on March 29, 2023 and was recorded on April 13, 2023. The prior lender was TD Bank which held debt that had an original loan amount of $22.5 million. The property has 136,500 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $153 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 July 16, 2013, for $16.5 million. The signatory for Broadway Stages was Gina Argento. The signatory for TD Bank was Salvatore Guercio.

Prior sales and revenue

The 136,500-square-foot property generated revenue of $2.7 million or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 136,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 235 feet and is 189 feet deep with a total lot size of 28,368 square feet. The lot is irregular. The zoning is M3-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $13.5 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 136,500 square feet of the 136,500 square feet. The two identified owners are LIRR and Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 136,500 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Broadway Stages owned at least 112 commercial properties with 370 residential units in New York City with 3,242,984 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $126.2 million in debt, with top three lenders as Investors Bank, First Republic Bank, and TD Bank respectively. Within the portfolio, the bulk, or 55 percent of the 3,242,984 square feet of built space are industrial properties, with specialty properties next occupying 27 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Queens next at 47 percent of the space.

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