Kahen Properties signs $20M refi with Santander Bank for rental in Woodside

Kahen Properties through the entity Queens Tower Management Corp as borrower signed a refi loan with lender Santander Bank through the entity Santander Bank, N.A. valued at $20 million for the 84-unit rental (D6) at 58-25 Queens Boulevard in Woodside, Queens.
The deal closed on October 14, 2021 and was recorded on November 1, 2021.
The property has 102,758 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $194 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 April 8, 2005, for $5.6 million.
The signatory for Kahen Properties was Majid Kahen.
(402139146) Plans for a 77-unit, 0 square-foot J-2 were filed on May 18, 2005 and were permitted on February 15, 2007.
The owners according to the Department of Housing Preservation and Development includes Ron Cohen, head officer and Jerry Kahen, officer. The business entity is Queens Tower Management Corp.
Within a 400-foot radius of 58-25 Queens Boulevard, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Ivan Starcic borrowed $25.0 million from Santander Bank secured by two condo units in the 24,900-square-foot, 123-unit mixed-use building (RM) on 58-12 Queens Boulevard on July 20, 2021.

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