Mordechai Schwimmer signs $20.7M refi with Bank of Princeton for 49-unit project in Astoria

Mordechai Schwimmer through the entity Astoria 21 LLC as borrower signed a refi loan with lender Bank of Princeton valued at $20.7 million for the 49-unit residential development at 27-16 21st Street in Astoria, Queens.
On the lot, there is one active new building construction project for a 49-unit, 33,786 square-foot R-2 building. The project was submitted by Mordechai Schwimmer and filed by Mordechai Schwimmer with plans filed March 28, 2022 and permitted May 9, 2022.
The deal closed on November 13, 2023 and was recorded on November 20, 2023. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $19.1 million.

The owner bought the property on June 21, 2022, for $7.7 million. The signatory for Mordechai Schwimmer was Mordechai Schwimmer. The signatory for Bank of Princeton was Peggy Lane.

The property

The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $477,000. The most recent loan totaled $19.1 million and was provided by BridgeCity Capital on June 21, 2022.

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 $6,875 in ECB penalties and $7,225 in OATH penalties in the last year.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 23 commercial properties representing 98,605 square feet of the 175,222 square feet. The largest owner is Mordechai Schwimmer, followed by Bruce Loewy and then Anela Radoncic.
On the tax block, there were two new building construction projects totaling 60,782 square feet. The largest is a 49-unit, 33,786 square-foot residential (R-2) building submitted by Mordechai Schwimmer and filed by Mordechai Schwimmer with plans filed March 28, 2022 and permitted May 9, 2022. The second largest is a 36-unit, 26,996 square-foot residential (R-2) building submitted by Refik Radoncic and filed by Refik Radoncic with plans filed February 9, 2022 and permitted May 14, 2022.

The majority, or 42 percent of the 175,222 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Mordechai Schwimmer owned at least six commercial properties with 82 residential units in New York City with 43,038 square feet and a city-determined market value of $12.4 million. (Market value is typically about 50% of actual value.) The portfolio has $61.5 million in debt, with top three lenders as BridgeCity Capital, Valley National Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 49 percent of the 43,038 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 13 percent of the space.

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