Jenel Management refiles plans for 61K sf retail building in Ditmars Steinway

Sam Dushey of Jenel Management through the entity 540 Fulton Associates LLC submitted a new building construction project for a 61,366 square-foot retail (M) building at 22-11 31st Street in Ditmars Steinway, Queens. The plan was filed with the New York City Department of Buildings on October 7, 2022 under job number Q00737966. It calls for the construction of a three-story building. These plans are similar to approved plans filed in 2019.

The property

The 22-11 31 Street parcel has frontage of 175 feet and is 163 feet deep with a total lot size of 29,129 square feet. The lot is irregular. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.7 million.The most recent loan totaled $39.5 million and was provided by Santander Bank on May 27, 2021.

Prior sales and revenue

The property has a total buildable of 87,387 square feet according to a PincusCo analysis of city data. The property is owned by Jenel Management.

Development

The architect is Marvel Architects. The project is described in the filing as: New 3-story commercial building, work on cellar, floors 1 to 3 and roof, as shown on plans. Job previously filed and approved under job #420664962.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $2.1 million. There have been 2 new building permit applications There has been one demolition project filed for the parcels over the past five years.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $200 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Ditmars Steinway, the bulk, or 40 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has near average sales volume among other neighborhoods with $209.1 million in sales volume in the last two years and is the 9th 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 937,004 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 37 commercial properties representing 86,950 square feet of the 203,586 square feet. The two identified owners are Jenel Management and Vescovo. On the tax block, there were three new building construction projects totaling 133,774 square feet. The largest is a 61,366 square-foot M building developed by Sam Dushey with plans filed October 7, 2022 and it has not been permitted yet. The second largest is a 61,366 square-foot M building developed by Sam Dushey with plans filed January 9, 2019 and permitted August 9, 2021.

The owner

The PincusCo database currently indicates that Jenel Management owned at least 17 commercial properties in New York City with 880,575 square feet and a city-determined market value of $256.5 million. (Market value is typically about 50% of actual value.) The portfolio has $390.8 million in debt, with top three lenders as H.I.G. Capital, Signature Bank, and Santander Bank respectively. Within the portfolio, the bulk, or 53 percent of the 880,575 square feet of built space are retail properties, with elevator properties next occupying 38 percent of the space. The bulk, or 42 percent of the built space, is in Brooklyn, with Manhattan next at 30 percent of the space.

The surrounding

Within a 400-foot radius of 22-11 31 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 $24.5 million. The most recent of the two was Janos Kanta which borrowed $5 million from Silver Heights Development secured by the 7,244-square-foot, seven-unit rental (D1) on 22-19 33rd Street on July 13, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.