LeFrak signs $19M refi with Metropolitan Commercial for two elevator buildings in Corona

LeFrak through the entity Brisbane Leasing Limited Partnership as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $19 million for two residential elevator buildings including the 232-unit residential elevator building at 98-32 57th Avenue in Corona, Queens and 237-unit residential elevator building at 98-30 57th Avenue in Corona, Queens.
The deal closed on January 19, 2022 and was recorded on February 2, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $15.3 million.
The two properties have 474,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $40 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 LeFrak was Arnold S. Lehman. The signatory for Metropolitan Commercial Bank was Dennis Graham.
The two properties with a total of 474,000 square feet of built space generated revenue of $8.7 million per year or $18 per square foot.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100. One of the projects were to change the building from a RES to a R-2.
In Corona, the bulk, or 38 percent of the 22.8 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 33 percent of the space. In sales, Corona has the 27th highest sale turnover among other neighborhoods in Queens with $39.2 million in sales volume in the last two years. For development, Corona has had very little major development activity relative to other neighborhoods.It had 182,724 square feet of commercial and multi-family construction under development in the last two years, which represents 0.80 percent of the neighborhood’s built space.
On the tax block, the majority, or 83 percent of the 5.7 million square feet of built space are residential elevator buildings, with office buildings next occupying 13 percent of the space.
The owners according to the Department of Housing Preservation and Development includes David Bernhardt, head officer and Camille Beza, officer. The business entities are Estates Ny Real Estate Services Llc and Brisbane Leasing Limited Partnership.
Within a 400-foot radius of 98-32 57th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $35.5 million. The most recent of the two was LeFrak which borrowed $5.5 million from TD Bank secured by the 0-square-foot, 232-unit rental (D3) on 97-11 Horace Harding Expwy on June 16, 2021.

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