Joel Zupnick through the entity Sutphin Boulevard Equities LLC as borrower signed a new construction loan with lender Scale Lending, an affiliate of developer Slate Property Group, through the entity Scale Jamaica Lender LLC valued at $142 million for the property at 147-35 95th Avenue in Jamaica, Queens.
The Commercial Observer first reported on the loan last month.
On the lot, there is one active new building construction project for a 521-unit residential building. The project was submitted by Joel Weiss and filed by Joel Weiss with plans filed February 8, 2022 and permitted May 17, 2022.
The deal closed on October 13, 2023 and was recorded on November 8, 2023. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $16 million.
The signatory for Joel Zupnick was Joel Zupnick. The signatory for Scale Lending and Slate Property Group was Stephen Krasman.
PincusCo cannot determine the lot area of the 147-35 95th Avenue parcel at this time. The most recent loan totaled $16 million and was provided by Madison Realty Capital on October 13, 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 $27,500 in ECB penalties in the last year.
On this tax block, PincusCo has identified the owners of two of the two commercial properties representing zero square feet of the zero square feet. The identified owner is Joel Zupnick.
On the tax block, there were three new building construction projects totaling 1,081,951 square feet. The largest is a 500-unit, 367,658 square-foot residential (R-2) building submitted by Joel Weiss and filed by Joel Weiss with plans filed February 8, 2022 and permitted May 16, 2022. The second largest is a 500-unit, 367,658 square-foot residential (R-2) building submitted by Joel Weiss|Solomon Feder and filed by Joel Weiss with plans filed February 8, 2022 and permitted May 16, 2022.
All properties are development.
The PincusCo database currently indicates that Joel Zupnick owned at least seven commercial properties. The portfolio has $58.2 million in debt since 2019, with top three lenders as Levon Capital, Madison Realty Capital, and Sterling National Bank respectively. Within the portfolio, the bulk, or 57 percent of the 262,693 square feet of built space are elevator properties, with specialty properties next occupying 30 percent of the space. The bulk, or 79 percent of the built space, is in Queens, with Brooklyn next at 21 percent of the space.
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