Goldfarb family borrows $363M from New York Community for 1,941 units in NYC

The Goldfarb family of New Rochelle including principals Philip and Marc refinanced a total of $363.3 million from New York Community for 1,941 units in Queens and Manhattan in two separate transactions. One of the loans was the second largest New York Community Bank has provided in the past two years, according to PincusCo Media data.

In the larger transaction, Philip Goldfarb and Marc Goldfarb through the entity Rockaway One Company, LLC as borrower which executed a loan agreement with lender New York Community Bank valued at $235.7 million for 5 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 1657 residential units at 20-21 Seagirt Boulevard, 20-20 Seagirt Boulevard, 20-33 Seagirt Boulevard, 20-28 Seagirt Boulevard, and 20-55 Seagirt Boulevard in Far Rockaway, Queens. The deal closed on December 2, 2020 and was recorded on December 9, 2020.
The property has 1,435,187 square feet of built space and available development rights.
The average loan per unit is $142,221.
The property is owned by the Goldfarb family of New Rochelle, according to NYC Housing Preservation and Development data. The debt was increased by nearly 50% from the $157 million the bank provided in 2013. This is the second most valuable loan New York Community Bank has provided in the past two years. The most valuable was for $329 million given to Clipper Equity in May 2020. This loan includes $94.77 million in new proceeds.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $737,748.

Direct link to Acris document. link

In the second transaction, Philip Goldfarb and Marc Goldfarb through the entity Park Towers South Company, LLC as which as borrower signed a loan agreement with lender New York Community Bank valued at $127.6 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 284 residential units at 315 West 57th Street in Midtown West. The deal closed on December 3, 2020 and was recorded on December 9, 2020.
The property contains a total of 396,834 square feet of built space.
The average loan per unit is $449,439.
The loan was reduced from a maximum principal of $142.6 million provided in 2013.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $2,890,150.

Direct link to Acris document. link