Moishe’s Self Storage ups debt to $55M for LIC warehouse

Moishe Mana of Moishe’s Self Storage through the entity Vernon Boulevard Realty, LLC as borrower signed a refi loan with lender Bank of New York Mellon valued at $55 million for the storage building at 8-33 40th Avenue in Long Island City, Queens.
The deal closed on July 5, 2023 and was recorded on August 18, 2023. The prior lender was Comm 2013-CCRE10 which held debt that had an original loan amount of $32 million.
The property has 407,140 square feet of built space and 79,949 square feet of additional air rights for a total buildable of 487,495 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $135 and the price per buildable square foot is $112 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 owner bought the property on June 1, 2011, for $12.8 million. The signatory for Moishe Mana was Moishe Mana. The signatory for Bank of New York Mellon was Alexandra Chaploutskiy.

The property

The industrial building in Long Island City has 407,140 square feet of built space and 79,949 square feet of additional air rights for a total buildable of 487,495 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 575 feet deep with a total lot size of 97,499 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $34.1 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 $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 421,740 square feet of built space are industrial buildings, with mixed-use buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Moishe Mana owned at least one other commercial property in New York City with 155,000 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $21.5 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single industrial property. It is located in the Bronx.

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