Mattone Investors signs $8.1M refi with Flushing Bank for retail in College Point

Mattone Investors through the entity Cpeoa Limited Partnership as borrower signed a refi loan with lender Flushing Bank valued at $8.1 million for the mixed-use building (K4) at 134-01 20th Avenue in College Point, Queens.
The deal closed on August 17, 2023 and was recorded on September 15, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of $6 million. The property has 30,008 square feet of built space and 20,766 square feet of additional air rights for a total buildable of 50,649 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $269 and the price per buildable square foot is $159 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 Mattone Investors was Michael X. Mattone. The signatory for Flushing Bank was Maura Nicolosi.

The property

The mixed-use building in College Point has 30,008 square feet of built space and 20,766 square feet of additional air rights for a total buildable of 50,649 square feet according to a PincusCo analysis of city data. The parcel has frontage of 210 feet and is 270 feet deep with a total lot size of 50,649 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $8.1 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 $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 6, 2019. On the lot, there is one active new building construction project for a 9,210 square-foot M building. The project was submitted by Arnold Gumowitz with plans filed September 24, 2014 and permitted October 10, 2017.

The neighborhood

In College Point, The bulk, or 48 percent of the 10.7 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $218.8 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 113,816 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 97,210 square feet of the 127,218 square feet. The identified owner is Bentley Properties.
On the tax block, there was one new building construction project filed totaling 9,210 square feet. It is a 9,210 square-foot mercantile (M) building submitted by Arnold Gumowitz with plans filed September 24, 2014 and permitted October 10, 2017.

All properties are mixed-use.

The borrower

The PincusCo database currently indicates that Mattone Investors owned at least two commercial properties in New York City with 104,909 square feet and a city-determined market value of $26 million. (Market value is typically about 50% of actual value.) The portfolio has $54 million in debt, borrowed from Bethpage Federal Credit Union and Mattone Investors. Within the portfolio, all identified are retail properties. The bulk, or 92 percent of the built space, is in Queens, with Brooklyn next at 8 percent of the space.

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