North Shore co-op ups debt by $23M to $84M with John Hancock Life in Glen Oaks

North Shore Towers Apartments cooperative through the entity North Shore Towers Apartments Incorporated as borrower signed a refi loan with lender John Hancock Life Insurance valued at $84 million for the 1,844-unit residential elevator complex (D4) at 269-10 Grand Central Parkway in Glen Oaks, Queens. The refinancing added $23 million of new debt.
The deal closed on November 17, 2022 and was recorded on November 22, 2022. The prior lender was John Hancock Life Insurance which held debt that had an original loan amount of $61 million. The properties have 3,750,565 square feet of built space and 174,800 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $22 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 North Shore Towers Apartments cooperative was Edward Phelan. The signatory for John Hancock Life Insurance was Thomas J. Treacy.

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 269-10 Grand Central Parkway.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Ed Phelan, head officer and Daniel Nachmanoff, head officer. The business entity is North Shore Towers Apartments Inc. Out of the three properties, one with a total of 3,750,565 square feet of built space generated revenue of $84.8 million per year.

The property

The 269-10 Grand Central Pkwy parcel has frontage of 950 feet and is 200 feet deep with a total lot size of 4,228,300 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $346.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 10 DOB violations, $46,250 in ECB penalties, two housing violations, and $46,250 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 $5 million on this tax lot.

The block

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

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