Guardian Realty through the entity Cip Land LLC as borrower signed a refi loan with lender Bank of Montreal valued at $42.5 million for an office complex including the office building (O2) at 133-33 Brookville Boulevard and the industrial parcel (G7) at 242-34 133rd Avenue in Rosedale, Queens.
The deal closed on May 2, 2023 and was recorded on May 23, 2023. The 11 properties have 260,000 square feet of built space and 28,243 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $163 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 Guardian Realty was Chaim Simkowitz. The signatory for Bank of Montreal was Michael Birajiclian.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 133-33 Brookville Boulevard.
Prior sales and revenue
Out of the 11 properties, one with a total of 260,000 square feet of built space generated revenue of $6.1 million per year.
The office building in Rosedale has 260,000 square feet of built space and 28,243 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 781 feet and is 590 feet deep with a total lot size of 180,530 square feet. The lot is irregular. The zoning is R2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $24.7 million. The most recent loan totaled $32 million and was provided by Argentic Investment Management on April 30, 2021.
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 received two DOB violations, $11,875 in ECB penalties, and $14,265 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Rosedale, The bulk, or 38 percent of the 1.1 million square feet of commercial built space are specialty buildings, with office buildings next occupying 27 percent of the space. In sales, Rosedale has the 51st highest sale turnover among other neighborhoods in Queens with $10 million in sales volume in the last two years. For development, Rosedale has had very little major development activity relative to other neighborhoods.It had 30,235 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.
On the tax block of 133-33 Brookville Boulevard, PincusCo has identified the owners of eight of the eight commercial properties representing 260,000 square feet of the 260,000 square feet. The identified owner is Chaim Simkowitz.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 260,000 square feet of built space are office buildings.
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