Joel Teitelbaum, Matt Katz obtain $35M refi for new 82-unit rental in LIC

Joel Teitelbaum and Matt Katz through the entity Jackson Holdings Ny LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $35 million for the newly built 82-unit building at 26-04 Jackson Avenue in Long Island City, Queens.
On this lot there was a new building project, Q00582731, for an 82-unit, 71,667 square-foot residential building submitted by Matt Katz with plans filed December 9, 2021 and permitted February 23, 2024.
The deal closed on October 15, 2024 and was recorded on October 29, 2024. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $25.8 million.
The signatory for Joel Teitelbaum and Matt Katz was Joel Teitelbaum. The signatory for Amalgamated Bank was Jacob Nimmer.

The property

The lot is irregular. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million. The most recent loan totaled $25.8 million and was provided by BridgeCity Capital on November 7, 2023.

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 $2,000 in OATH penalties in the last year.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 6th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the eight commercial properties representing 568,060 square feet of the 568,060 square feet. The largest owner is Brause Realty, followed by Bedrock Real Estate Partners and then Eckstein Development.
On the tax block, there were three new building construction projects totaling 166,476 square feet. The largest is a 82-unit, 71,667 square-foot 51 building submitted by Matt Katz with plans filed December 9, 2021 and permitted February 23, 2024. The second largest is a 82-unit, 58,291 square-foot residential (R-2) building submitted by CW Realty Group and filed by Cheskie Weiss with plans filed December 23, 2020 and it has not been permitted yet.

The majority, or 96 percent of the 568,060 square feet of built space are elevator buildings, with industrial buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Teitelbaum owned at least four commercial properties with 12 residential units in New York City with 46,664 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 46,664 square feet of built space are industrial properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 61 percent of the built space, is in Bronx, with Brooklyn next at 20 percent of the space.
The PincusCo database currently indicates that Matt Katz owned at least one commercial property in New York City with 9,100 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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