Moshe Glassman signs $22.7M refi loan with M&T Bank for 125-unit elevator building in Ridgewood

Moshe Glassman through the entity Summerfield Partners LLC as borrower signed a refi loan with lender M&T Bank through the entity M&T Bank valued at $22.7 million for the industrial building at 1614 Summerfield Street in Ridgewood, Queens.
The deal closed on December 30, 2021 and was recorded on January 20, 2022. The prior lender was M&T Bank which held debt that had an original loan amount of $13.5 million.
The property has 22,950 square feet of built space and 16,240 square feet of additional air rights for a total buildable of 39,134 square feet according to PincusCo analysis of city data. The loan price per built square foot is $989 and the price per buildable square foot is $580 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 Moshe Glassman was Moshe Glassman. The signatory for M&T Bank was Drew Kessler.
(420663767) Plans for a 125-unit, 39,054 square-foot R-1 were filed on April 10, 2018 and were permitted on May 1, 2020.
In Ridgewood, the bulk, or 39 percent of the 33.3 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 253,953 square feet of commercial and multi-family construction under development in the last two years, which represents 0.76 percent of the neighborhood’s built space.
On the tax block, the majority, or 48 percent of the 164,111 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 25 percent of the space.
Within a 400-foot radius of 1614 Summerfield Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on February 20, 2020 for a 19,908-square-foot R-2 building with 28 residential units at 16-61 Summerfield St.
One of those two items was a loan which Bruman Realty borrowed $7.7 million from ConnectOne Bank secured by the 49,000-square-foot, one-unit industrial (F4) on 10-80 Schaeffer Street on August 31, 2021.

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