Green Group signs $4.5M refi loan with Lion Fox Partners for office in Elmhurst

Green Group through the entity Green Manor of USA LLC as borrower signed a refi loan with lender Lion Fox Partners through the entity LFP II CR Origin, LLC valued at $4.5 million for the office building (O7) at 41-12 77th Street in Elmhurst, Queens.
The deal closed on March 20, 2025 and was recorded on April 15, 2025. The prior lender was Cathay Bank which held debt that had an original loan amount of $2.8 million.The property has 10,429 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $431 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 November 17, 2017, for $1.6 million. The signatory for Green Group was Jamil Uddin . The signatory for Lion Fox Partners was Ari Schwartz .

Prior sales and revenue

The 10,429-square-foot property generated revenue of $430,196 or $41 per square foot, according to the most recent income and expense figures.

The property

The office building in Elmhurst has 10,429 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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

For the tax lot building, it received its initial certificate of occupancy on April 21, 2023. 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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $214.2 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 540,157 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 this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,300 square feet of the 79,524 square feet. The identified owner is Antonio Diaz.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 79,524 square feet of built space are elevator buildings, with office buildings next occupying 27 percent of the space.

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