ISJ Management signs $55M refi loan with Signature Bank for three properties in Jamaica

ISJ Management through the entity Rockaway Realty Associates, L.P. as borrower signed a refi loan with lender Signature Bank valued at $55 million for three properties including the retail building (K5) at 249-23 Rockaway Boulevard, 252-25 Rockaway Boulevard and 253-01 Rockaway Boulevard in Jamaica, Queens.
The deal closed on December 8, 2022 and was recorded on December 29, 2022. The prior lender was Capital One which held debt that had an original loan amount of $55 million. The three properties have 3,624 square feet of built space and 107,430 square feet of additional air rights for a total buildable of 111,150 square feet according to PincusCo analysis of city data. The loan price per built square foot is $15,176 and the price per buildable square foot is $494 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 ISJ Management was Samuel J. Jemal. The signatory for Signature Bank was Kenneth A. Stagnari.

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 249-23 Rockaway Boulevard.

The property

The 249-23 Rockaway Boulevard parcel has frontage of 330 feet and is 101 feet deep with a total lot size of 31,000 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 million.The most recent loan totaled $10 million and was provided by Capital One on March 18, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $600 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 5,252 square-foot A-2 building. The project was developed by Samuel Jemal with plans filed December 19, 2017 and permitted September 21, 2021.

The block

The majority, or 51 percent of the 116,531 square feet of built space are hotel buildings, with industrial buildings next occupying 35 percent of the space.

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