Jaime Lopez signs $6M new construction loan for 24-unit development in Woodside
Jaime G. Lopez through the entity 43-34 53rd St LLC as borrower signed a new construction loan with lender Popular Bank valued at $6 million for the 24-unit development (V1) at 43-34 53rd Street in Woodside, Queens.
The deal closed on April 27, 2023 and was recorded on May 17, 2023.
On the lot, there is one active new building construction project for a 24-unit, 18,903 square-foot R-2 building. The project was submitted by Jaime Lopez with plans filed July 10, 2019 and permitted January 28, 2022.
The owner bought the property on May 13, 2019, for $3.2 million. The signatory for Jaime G. Lopez was Jaime G. Lopez.
The property
The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $531,000.
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 $16,000 in ECB penalties and $16,150 in OATH penalties in the last year.
The neighborhood
In Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $171 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 845,186 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 97,522 square feet of the 179,180 square feet. The largest owner is ZD Jasper Realty, followed by Peter Zuccarello and then Peter Asadourian.
On the tax block, there were six new building construction projects totaling 155,531 square feet. The largest is a 87-unit, 68,999 square-foot residential (R-2) building submitted by Kathy Ho with plans filed January 13, 2022 and permitted June 7, 2022. The second largest is a 32-unit, 24,547 square-foot residential (R-2) building submitted by Ivan Turkalj with plans filed August 17, 2022 and it has not been permitted yet.
The majority, or 48 percent of the 179,180 square feet of built space are elevator buildings, with walkup buildings next occupying 47 percent of the space.
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