UPDATED, 1:20 p.m., Oct. 17, 2023: Madison Realty Capital through the entity QB Development Owner LLC as borrower signed a refi loan with lender MF1 Capital valued at $189 million for the two-tower project with 478 units, known as Woodside Central at 46-09 69th Street and 46-10 70th Street. The project in Woodside, Queens, totals about 550,000 gross square feet.
The loan price was $402 per square foot, according to a representative from Madison Realty Capital, after the sale of a school in the complex.
The loan closed on September 29, 2023 and was recorded on October 16, 2023. The prior lender was Apollo Global Management which held debt that had an original loan amount of $175 million.
The signatory for Madison Realty Capital was Joshua Zegen. The signatory for MF1 Capital was Jonathan Pfeil.
The zoning is R7X which allows for up to 6 times floor area ratio (FAR) for residential with inclusionary housing. The most recent loan totaled $175 million and was provided by Apollo’s Athene Annuity And Life Company on November 9, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,000 in OATH penalties in the last year.
On the tax block of 70th Street, PincusCo has identified the owners of three of the three commercial properties representing 471,597 square feet of the 471,597 square feet. The two identified owners are Madison Realty Capital and LIRR.
The PincusCo database currently indicates that Madison Realty Capital owned at least 62 commercial properties with 2,652 residential units in New York City with 2,706,910 square feet and a city-determined market value of $375.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1 billion in debt, with top three lenders as Signature Bank, Athene Annuity And Life Company, and FTLP LLC respectively. Within the portfolio, the bulk, or 77 percent of the 2,706,910 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 36 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.
Correction: A prior version of this post did not include both towers and so yielded an incorrect unit count, price per foot amount and square feet. In addition, the prior post reported the R7X zoning with mandatory inclusionary was a 5 FAR when it is in fact up to a 6 FAR.
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