Neil Simon signs $16M refi for industrial in Maspeth

Neil Simon through the entity Shs Maspeth, LLC as borrower signed a refi loan with lender Prudential Financial through the entity Prudential Realty Securities, Inc. valued at $16 million for the industrial building (E7) at 74-04 Grand Avenue in Maspeth, Queens.
The deal closed on April 4, 2023 and was recorded on April 6, 2023. The prior lender was Prudential Financial which held debt that had an original loan amount of $13 million.
The property has 154,337 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $103 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 Neil Simon was Neil Simon. The signatory for Prudential Financial was Joni Brown-Haas.

Prior sales and revenue

The 154,337-square-foot property generated revenue of $3 million or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 154,337 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 525 feet deep with a total lot size of 92,500 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 $18.4 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 not received any significant violations 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.2 times the average sales volume among other neighborhoods with $749.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 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 two of the six commercial properties representing 144,171 square feet of the 302,828 square feet. The two identified owners are Verizon and Uovo.
On the tax block, there was one new building construction project filed totaling 33,468 square feet. It is a 33,468 square-foot storage (S-1) building submitted by CubeSmart and filed by Chris Lynch with plans filed November 23, 2018 and permitted April 23, 2021.

The majority, or 52 percent of the 302,828 square feet of built space are industrial buildings, with specialty buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that Neil Simon owned at least two commercial properties with one residential unit in New York City with 145,149 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $9.3 million in debt, borrowed from Prudential Financial. Within the portfolio, all identified are industrial properties. The bulk, or 59 percent of the built space, is in Brooklyn, with Queens next at 41 percent of the space.

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