Kaled Management signs two refis totaling $12.1M for Queens rentals

The Kalikow family’s Kaled Management signed two refinancing deals totaling $12.1 million with JPMorgan Chase for two rental buildings in Queens.

In the larger deal, Kaled Management through the entity Glen Ora Arms, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $7.1 million for the 144-unit residential elevator building (D7) at 142-10 Roosevelt Avenue in Flushing, Queens.
The deal closed on March 14, 2025 and was recorded on March 17, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $6.8 million.The property has 167,045 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $42 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.)

In the second, Kaled Management through the entity Fleetwood Deauville, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $5 million for the 108-unit residential elevator building (D1) at 110-16 72nd Avenue in Forest Hills, Queens.
The deal closed on March 14, 2025 and was recorded on March 17, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $4.8 million.The property has 104,644 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $48 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 Kaled Management was Gregory Kalikow. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Edward Kalikow, head officer and Gregory Kalikow, officer. The business entities are Kaled Management and Glen Ora Arms,Llc. The 167,045-square-foot property generated revenue of $3.4 million or $21 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 144 residential units in Flushing has 167,045 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 272 feet and is 187 feet deep with a total lot size of 51,081 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $13 million. The property has 138 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 36 housing violations and one housing litigation in the last year.

Development

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 six of the eight commercial properties representing 371,582 square feet of the 463,187 square feet. The largest owner is Kaled Management, followed by Steven Krumholz and then Xinhua Gan.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 463,187 square feet of built space are elevator buildings, with mixed-use buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Kaled Management owned at least 19 commercial properties with 2,070 residential units in New York City with 2,158,741 square feet and a city-determined market value of $174.9 million. (Market value is typically about 50% of actual value.) The portfolio has $33.7 million in debt, borrowed from PNC Bank and JPMorgan Chase. Within the portfolio, the bulk, or 99 percent of the 2,158,741 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. The bulk, or 92 percent of the built space, is in Queens, with Brooklyn next at 8 percent of the space.

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