Himmel + Meringoff Properties through the entity 3402 Land Acquisition LLC as borrower signed a refi loan with lender TriState Capital Bank valued at $29.5 million for the industrial building (E1) at 34-02 Queens Boulevard in Long Island City, Queens.
The deal closed on September 28, 2023 and was recorded on October 11, 2023. The prior lender was Fortress Investment Group which held debt that had an original loan amount of $15.3 million.
The property has 193,822 square feet of built space and 46,812 square feet of additional air rights for a total buildable of 240,064 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $152 and the price per buildable square foot is $122 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 Himmel + Meringoff Properties was Stephen J. Meringoff. The signatory for TriState Capital Bank was Paul Verdi.
The industrial building in Long Island City has 193,822 square feet of built space and 46,812 square feet of additional air rights for a total buildable of 240,064 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 600 feet deep with a total lot size of 120,032 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $20.2 million. Fortress Investment Group bought the Capital One loan on August 15, 2023.
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 received $31,000 in ECB penalties and $310 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 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 $1.8 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 8.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 193,822 square feet on the block.The identified owner is Himmel + Meringoff Properties.
There are no active new building construction projects on this tax block.
All properties are industrial.
The PincusCo database currently indicates that Himmel + Meringoff Properties owned at least four commercial properties in New York City with 508,529 square feet and a city-determined market value of $107.6 million. (Market value is typically about 50% of actual value.) The portfolio has $222.3 million in debt, with top three lenders as Aareal Capital, Signature Bank, and Capital One respectively. Within the portfolio, the bulk, or 62 percent of the 508,529 square feet of built space are office properties, with industrial properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Queens next at 38 percent of the space.
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