Halil Todic, Barry Leon sign $16.8M construction loan with Golden Bridge Funding for 19-unit project in Ditmars Steinway

Halil Todic and Barry Leon through the entity Astoria 2101 LLC as borrower signed a new construction loan with lender Golden Bridge Funding valued at $16.8 million for the corner development site at 21-01 21st Street in Ditmars Steinway, Queens.
The deal closed on March 10, 2022 and was recorded on March 24, 2022. The prior lender was Alcova Capital Management which held debt that had an original loan amount of $4.1 million.
The owner bought the property on February 28, 2018, for $4.3 million. The signatory for Halil Todic and Barry Leon was Halil Todic and Barry Leon. The signatory for Golden Bridge Funding was Meital J. Rosso.

The property

The 21-01 21st Street parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $875,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $325 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 19-unit, 22,788-square-foot R-2 building. The project was developed by Jesse Leon with plans filed December 11, 2018 and it has not been permitted yet.

The neighborhood

In Ditmars Steinway, the bulk, or 50 percent of the 23.2 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 20 percent of the space. In sales, Ditmars Steinway has near average sales volume among other neighborhoods with $237.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ditmars Steinway has near average amount of major developments among other neighborhoods and is the 9th highest in Queens. It had 894,447 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 115,148 square feet of the 121,860 square feet. The two identified owners are City of New York and Daniel Buffa. There is one active new building construction project totaling 22,788 square feet. It is a 19-unit, 22,788-square-foot R-2 building developed by Jesse Leon with plans filed December 11, 2018 and it has not been permitted yet.

the majority, or 50 percent of the 215,486 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Barry Leon owned at least two commercial properties with 73,631 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $49.4 million in debt, borrowed from Fort Amsterdam Capital and Popular Bank. Within the portfolio, all identified are residential elevator properties. The bulk, or 86 percent of the built space, is in Brooklyn, with Queens next at 14 percent of the space.
The PincusCo database currently indicates that Halil Todic owned at least one commercial property with 9,988 square feet and a city-determined market value of $719,594. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Trevian Capital Holdings. The portfolio consists of at least a single residential elevator property. It is located in Queens.

Surrounding

Within a 400-foot radius of 21-01 21st Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $129.2 million. The most recent of the two was Cammeby’s International Group which borrowed $122.7 million from NewPoint Real Estate Capital secured by the 45,417-square-foot, 27-unit rental (C9) on 20-01 21st Avenue and 18 other properties on September 9, 2021.

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