Jeffrey Farkas signs $13.5M refi with Santander Bank for 108-unit rental in Rego Park

Jeffrey Farkas through the entity Hampton House LLC as borrower signed a refi loan with lender Santander Bank valued at $13.5 million for the 108-unit rental (D7) at 93-10 Queens Boulevard in Rego Park, Queens.
The deal closed on October 14, 2021 and was recorded on October 26, 2021.
The property has 104,708 square feet of built space and 305 square feet of additional air rights for a total buildable of 105,078 square feet according to PincusCo analysis of city data. The loan price per built square foot is $128 and the price per buildable square foot is $128 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 Jeffrey Farkas was Jeffrey Farkas.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the number of residential units from 0 to 109 and were permitted on May 26, 2000.
Farkas bought the property in 2000 from the Olnick Organization.
The owners according to the Department of Housing Preservation and Development includes Jeffrey Farkas, head officer and Larry Farkas, officer. The business entity is Hampton House Llc.

Within a 400-foot radius of 93-10 Queens Boulevard, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on January 24, 2020 for a 30,541-square-foot R-2 building with 35 residential units at 92-60 Queens Boulevard.
One of those four items was a sale which Manouchehr Malekan bought the 68,946-square-foot, 60-unit rental (D1) on 62-82 Saunders Street for $12.6 million from Sidney Schwartzberg on January 6, 2021.
Of those four items, two were loans above $5 million totaling $17.7 million. The most recent of the two was Manouchehr Malekan which borrowed $9.6 million from Signature Bank secured by the 68,946-square-foot, 60-unit rental (D1) on 62-82 Saunders Street on January 6, 2021.

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