Joel Landau, Bent Philipson get $77.1M acquisition loan for rehab center in Fresh Meadows

An ownership group including Joel Landau, Joel Zupnick, Bent Philipson and Naomi Tessler through the entity Even Pine Union Propco LLC and others as borrower signed a acquisition loan with lender Valley National Bank valued at $77.1 million for the specialty building (I1) at 159-05 Union Turnpike in Fresh Meadows, Queens. The ownership group bought the building on the same day for $44 million, as PincusCo reported last week.
The deal closed on February 3, 2023 and was recorded on February 14, 2023. The prior lender was Dime Community Bank which held debt that had an original loan amount of $31.5 million.
The property has 79,800 square feet of built space and 64,008 square feet of additional air rights for a total buildable of 143,840 square feet according to PincusCo analysis of city data. The loan price per built square foot is $966 and the price per buildable square foot is $536 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 Joel Landau, Joel Zupnick, and Bent Philipson was Bent Philipson and Naomi Tessler. The signatory for Valley National Bank was Daniel Csillag.

The property

The 159-05 Union Turnpike parcel has frontage of 624 feet and is 135 feet deep with a total lot size of 71,920 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $28.9 million. The most recent loan totaled $31.5 million and was provided by Dime Community Bank on June 5, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 1, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 41 commercial properties representing 79,800 square feet of the 102,120 square feet.

The majority, or 90 percent of the 88,841 square feet of built space are specialty buildings, with office buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Landau owned at least five commercial properties in New York City with 95,772 square feet and a city-determined market value of $41.1 million. (Market value is typically about 50% of actual value.) The portfolio has $26.5 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, the bulk, or 83 percent of the 95,772 square feet of built space are specialty properties, with walkup properties next occupying 17 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Brooklyn next at 11 percent of the space.
The PincusCo database currently indicates that Joel Zupnick owned at least four commercial properties in New York City with 259,823 square feet and a city-determined market value of $48.3 million. (Market value is typically about 50% of actual value.) The portfolio has $22.7 million in debt, borrowed from Sterling National Bank and TD Bank. Within the portfolio, the bulk, or 57 percent of the 259,823 square feet of built space are elevator properties, with specialty properties next occupying 31 percent of the space. The bulk, or 80 percent of the built space, is in Queens, with Brooklyn next at 20 percent of the space.
The PincusCo database currently indicates that Bent Philipson owned at least one commercial property in New York City with 79,800 square feet and a city-determined market value of $28.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.

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