Meshulem Twersky signs $28.5M refi for rentals in Astoria

Meshulem Twersky through the entity 31-61 Vernon Blvd LLC as borrower signed a refi loan with lender Golden Bridge Funding through the entity Golden Bridge R2 LLC valued at $28.5 million for two residential elevator properties with 102 residential units including the 51-unit residential elevator building (D3) at 31-59 Vernon Boulevard in Astoria, Queens and 51-unit residential elevator building (D3) at 11-24 31st Drive in Astoria, Queens.
The deal closed on October 2, 2024 and was recorded on November 18, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $20 million.The two properties have 75,640 square feet of built space and 4,485 square feet of additional air rights for a total buildable of 79,712 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $376 and the price per buildable square foot is $357 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 Meshulem Twersky was Samuel Teitelbaum. The signatory for Golden Bridge Funding was Haim Dadi. Meshulem Twersky is with the venture capital investment firm MetroCap Partners.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 31-59 Vernon Boulevard.

The property

The parcel has frontage of 51 feet and is 175 feet deep with a total lot size of 9,960 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 $729,000. The most recent loan totaled $20 million and was provided by S3 Capital on October 22, 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 $28,650 in ECB penalties and $30,750 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 65,380 square feet. The largest, 421133160, is a new building project for a 51-unit, 34,095 square-foot R-2 building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted December 1, 2022. The second largest, 421133179, is a new building project for a 51-unit, 31,285 square-foot R-2 building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted November 7, 2022.

The block

On the tax block of 31-59 Vernon Boulevard, PincusCo has identified the owners of seven of the 11 commercial properties representing 108,523 square feet of the 178,123 square feet. The largest owner is Fairstead, followed by Metrocap Partners and then Antonis Asprou.
On the tax block, there were three new building construction projects totaling 89,659 square feet. The largest is a 51-unit, 34,095 square-foot residential (R-2) building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted December 1, 2022. The second largest is a 51-unit, 31,285 square-foot residential (R-2) building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted November 7, 2022.

The majority, or 80 percent of the 178,123 square feet of built space are elevator buildings, with industrial buildings next occupying 13 percent of the space.

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