Lemle & Wolff signs $44.1M construction loan for 55-unit project CPC in Sunnyside

Lemle & Wolff Companies, in partnership with the nonprofit Elmcor Youth & Adult Activities, through the entity 50th Street Woodside Owner LLC as borrower signed a new construction loan with lender Community Preservation Corporation through the entity 50th Street Woodside LW LLC valued at $44.1 million for a 55-unit project at 43-12 50th Street in Sunnyside, Queens.

On the lot, there is one active new building construction project, Q00636484, for a 55-unit, 41,811-square-foot residential (R-2) building with no retail. The project was submitted by Sarana Development and filed by Matthew Lawrence with plans filed December 15, 2021 and permitted February 10, 2023.
The deal closed on May 6, 2025 and was recorded on May 30, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $6.6 million.The property has a total buildable of 41,800 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $1,054 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 11, 2022, for $7 million. The signatory for Lemle & Wolff Companies was Anivelca Cordova . The signatory for Community Preservation Corporation was Daniel Wheeler .

The property

The retail building in Sunnyside has 20,000 square feet of built space and 21,840 square feet of additional air rights for a total buildable of 41,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 100 feet deep with a total lot size of 10,450 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 $2.5 million.

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 $4,900 in ECB penalties and $5,555 in OATH penalties in the last year.

The neighborhood

In Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $153.4 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 594,942 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 69,980 square feet of the 139,558 square feet. The largest owner is Francis Apartments, followed by Lemle & Wolff Companies and then Stefanos Kilis.
On the tax block, there was one new building construction project filed totaling 6,754 square feet. It is a 61-unit, 6,754 square-foot residential (R-2) building submitted by Sarana Development and filed by Matthew Lawrence with plans filed December 15, 2021 and permitted February 10, 2023.

The majority, or 28 percent of the 139,558 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Lemle & Wolff Companies owned at least eight commercial properties with 315 residential units in New York City with 311,920 square feet and a city-determined market value of $17.9 million. (Market value is typically about 50% of actual value.) The portfolio has $99.1 million in debt, with top three lenders as Bank of New York Mellon, Community Preservation Corporation, and Bellwether Enterprise respectively. Within the portfolio, the bulk, or 54 percent of the 311,920 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 63 percent of the built space, is in Bronx, with Manhattan next at 30 percent of the space.

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