JRC Management signs $16.2M refi for 94-unit rental in Sunnyside

JRC Management through the entity Pilchard LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $16.2 million for the 94-unit residential elevator building (D7) at 43-31 45th Street in Sunnyside, Queens.
The deal closed on December 13, 2024 and was recorded on December 23, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $17.3 million.The property has 79,830 square feet of built space and 200 square feet of additional air rights for a total buildable of 80,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $203 and the price per buildable square foot is $203 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 owner bought the property on May 14, 2015, for $27.5 million. The signatory for JRC Management was Richard Podpirka. The signatory for Citibank was Anna Gutteridge.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Richard Podpirka, head officer. The business entity is Pilchard Llc.

The property

The residential elevator building with 94 residential units in Sunnyside has 79,830 square feet of built space and 200 square feet of additional air rights for a total buildable of 80,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.9 million. The most recent loan totaled $17.3 million and was provided by New York Community Bank on December 18, 2019. The property has 56 rent regulated units according to city tax records from 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 one DOB violation and six housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 13, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 107,845 square feet of the 204,395 square feet. The largest owner is Diane Macari, followed by Jrc Management and then Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 204,395 square feet of built space are elevator buildings, with retail buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Jrc Management owned at least 23 commercial properties with 1,278 residential units in New York City with 1,037,226 square feet and a city-determined market value of $142.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 1,037,226 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Bronx next at 27 percent of the space.

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