Lender takes title from Henley Investments of two Jackson Heights rentals

Former lender HC Equities took title from former borrower Henley Investment Management through Henley’s entity Husa 8283q, LLC of the 29-unit rental (C7) at 33-54 83rd Street in Jackson Heights, Queens and 29-unit rental (C7) at 33-53 82nd Street in Jackson Heights, Queens. The transfer was valued at $17.1 million, which was slightly below the original principal of $17.7 million.
The deal closed on October 29, 2021 and was recorded on October 28, 2021.
The two properties have 54,624 square feet of built space and 34,840 square feet of additional air rights for a total buildable of 89,440 square feet according to PincusCo analysis of city data. The sale price per built square foot is $313 and the price per buildable square foot is $191 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 Henley Investment Management was Garrett Solomon. The signatory for HCEC Equities and HC Equities was Ginny Werner. The contract date was April 14, 2021.
Henley bought the parcel in 2017 for $23 million, borrowing $17.7 million from Arbor Realty Trust at the time.
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 $331,000.

The new owner of the property bought the debt with an original principal of $17.7 million from Arbor Realty Trust just days before this deed transfer. Garrett Solomon is chief investment officer of Henley. Henley bought the building in 2017 for $23 million, resulting in a gross loss of 26 percent.
The former owners according to the Department of Housing Preservation and Development included Garrett Solomon, head officer and Jonathan Vayner, agent. The business entities are Canvas Property Group and Husa 8238q, Llc.

Within a 400-foot radius of 33-54 83rd Street, 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 $5.3 million from Signature Bank secured by the 27,192-square-foot, 40-unit rental (C1) on 34-10 84th Street on March 2, 2021.

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