LeFrak signs $24.5M in refi loans with TD Bank for rentals in Queens

LeFrak signed four refinancing loans with a total value of $24.5 million with TD Bank for rentals in Queens in four separate transactions.

In the largest, LeFrak through the entity Brussels Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $7 million for the 286-unit rental (D3) at 98-01 67th Avenue in Rego Park, Queens.
The deal closed on May 27, 2021 and was recorded on June 16, 2021.
The property has 275,197 square feet of built space and 0 square feet of additional air rights for a total buildable of 211,560 square feet according to PincusCo analysis of city data. The loan price per built square foot is $25 per the PincusCo analysis.
The signatory for LeFrak was Arnold S. Lehman.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1.5 million.
Estates New York Real Estate Services is a subsidiary of LeFrak.
The owners according to the Department of Housing Preservation and Development includes Joseph Rooney, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and Brussels Leasing Lp.
Within a 400-foot radius of 98-01 67th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.

One of those two items was a loan which A&E Real Estate Holdings borrowed $22.8 million from Signature Bank secured by the 132,725-square-foot, 128-unit rental (D7) on 98-30 67th Avenue on March 2, 2021.

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In the second, LeFrak through the entity California Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $6.5 million for the 151-unit rental (D1) at 64-20 Saunders Street in Rego Park, Queens.

The deal closed on May 27, 2021 and was recorded on June 16, 2021.
The property has 127,152 square feet of built space and 0 square feet of additional air rights for a total buildable of 125,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $51 per the PincusCo analysis.
The signatory for LeFrak was Arnold S. Lehman.
(421546919)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 152 residential units on August 14, 2019.
The owners according to the Department of Housing Preservation and Development includes Joseph Rooney, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and California Leasing Lp.
Within a 400-foot radius of 64-20 Saunders Street, 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 $17.6 million. The most recent of the two was Parkoff Organization which borrowed $9 million from Booth 45 LLC secured by the 67,188-square-foot, 66-unit rental (D1) on 64-45 Booth Street on December 3, 2020.

Direct link to Acris document. link

In the third, LeFrak through the entity Argentine Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank Na valued at $5.5 million for the 243-unit rental (D3) at 97-05 Horace Harding Expwy in Queens, Queens.
The deal closed on May 27, 2021 and was recorded on June 16, 2021.
The property has 235,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 125,108 square feet according to PincusCo analysis of city data. The loan price per built square foot is $23 per the PincusCo analysis.
The signatory for LeFrak was Arnold S. Lehman.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $192,800.

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 Argentine Leasing Limited Partnership.
FALSE

Direct link to Acris document. link

In the fourth, LeFrak through the entity Peru Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $5.5 million for the 232-unit industrial (U9) at 97-11 Horace Harding Expwy in Queens, Queens.
The deal closed on May 27, 2021 and was recorded on June 16, 2021.
The property has 235,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 116,931 square feet according to PincusCo analysis of city data. The loan price per built square foot is $23 per the PincusCo analysis.
The signatory for LeFrak was Arnold S. Lehman.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $469,000.
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 Peru Leasing Limited Partnership.
FALSE

Direct link to Acris document. link