Leonid Bogomolniy obtains $11M construction loan from S3 Capital in Kew Gardens

Leonid Bogomolniy obtained an $11 million construction loan from S3 Capital for a 21-unit development project in Kew Gardens, Queens.

Leonid Bogomolniy of 132-47 Metro Llc submitted a new building construction project for a 21-unit, 19,799 square-foot residential (R-2) building at 132-47 Metropolitan Avenue in Kew Gardens, Queens. The plan was filed with the New York City Department of Buildings on July 7, 2020 under job number 421133008 and was permitted on July 13, 2021. It calls for the construction of a eight-story building.

Violations and lawsuits

According to city public data, the property has received $13,125 in ECB penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Kew Gardens, The bulk, or 47 percent of the 6.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Kew Gardens has near average sales volume among other neighborhoods with $20.6 million in sales volume in the last two years and is the 42nd highest in Queens. For development, Kew Gardens has near average amount of major developments among other neighborhoods and is the 18th highest in Queens. It had 315,774 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 46,637 square feet of the 98,559 square feet. The identified owner is Jay Lau. On the tax block, there were four new building construction projects totaling 94,935 square feet. The largest is a 40-unit, 49,860 square-foot residential (R-2) building submitted by Steven Li and filed by Steven Li with plans filed April 18, 2021 and permitted October 4, 2021. The second largest is a 21-unit, 19,799 square-foot residential (R-2) building submitted by Leonid Bogomolniy with plans filed July 7, 2020 and permitted July 13, 2021.

The surrounding

Within a 400-foot radius of 132-47 Metropolitan Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on May 25, 2021 for a 14,579-square-foot storage (S-2) building with N/A residential unit at 133-02 Jamaica Avenue. One of those three items was a loan which Steven Li borrowed $8.9 million from Cathay Bank secured by a 42-unit rental (D7) on Metropolitan Avenue and one other property on August 4, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.