Jenel Real Estate signs $30M refi with Webster Bank for Ditmars Steinway retail

Jenel Real Estate through the entity Ditmars 31st Street Associates LLC as borrower signed a refi loan with lender Webster Bank through the entity Webster Bank, National Association valued at $30 million for six properties including the retail building (K2) at 22-06 31st Street, the mixed-use building (K2) at 22-01 31st Street and the retail building (K9) at 22-16 31st Street in Ditmars Steinway, Queens.
The deal closed on June 5, 2025 and was recorded on June 27, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $28.8 million.The six properties have 63,610 square feet of built space and 56,020 square feet of additional air rights for a total buildable of 113,631 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $471 and the price per buildable square foot is $264 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 Jenel Real Estate was David Dushey . The signatory for Webster Bank was Adam Brenner .

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 22-06 31st Street.

Prior sales and revenue

The six properties with a total of 63,610 square feet of built space generated revenue of $4.7 million per year or $74 per square foot.

The property

The retail building in Ditmars Steinway has 63,610 square feet of built space and 56,020 square feet of additional air rights for a total buildable of 113,631 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 145 feet deep with a total lot size of 7,251 square feet. 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 $9.6 million. The most recent loan totaled $19.5 million and was provided by New York Community Bank on February 1, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $6,240 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the six buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project, 421318586, for a 35,217 square-foot M building. The project was submitted by Michael Hirschhorn with plans filed April 28, 2016 and permitted September 11, 2017.

The neighborhood

In Ditmars Steinway, The bulk, or 41 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 had very little sales volume relative to other neighborhoods with $148.2 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 374,734 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 22-06 31st Street, PincusCo has identified the owners of 11 of the 35 commercial properties representing 78,938 square feet of the 175,463 square feet. The largest owner is Jenel Management, followed by Solil Management and then 2256 31st Llc.
On the tax block, there was one new building construction project filed totaling 35,217 square feet. It is a 35,217 square-foot mercantile (M) building submitted by Michael Hirschhorn with plans filed April 28, 2016 and permitted May 18, 2017.

The majority, or 55 percent of the 175,463 square feet of built space are retail buildings, with mixed-use buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Jenel Real Estate owned at least three commercial properties with 348 residential units in New York City with 305,022 square feet and a city-determined market value of $137.7 million. (Market value is typically about 50% of actual value.) The portfolio has $102.8 million in debt, borrowed from Goldman Sachs and BankUnited. Within the portfolio, the bulk, or 66 percent of the 305,022 square feet of built space are hotel properties, with retail properties next occupying 20 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

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