Omni New York signs $22M loan with Preferred Bank for retail condo in Jamaica

Omni New York through the entity Archer Green Retail, LLC as borrower signed a loan with lender Preferred Bank valued at $22 million for the retail condo at 92-23 168th Street in Jamaica, Queens. This is for the retail condo unit in the 387-unit, 422,934-square-foot rental building Omni developed.
The deal closed on August 12, 2022 and was recorded on August 30, 2022.The property has 70,728 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $311 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 property

The 92-23 168th Street parcel has a total lot size of 70,728 square feet. The city-designated market value for the property in 2022 is $7.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Jamaica, the bulk, or 29 percent of the 27.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $301.2 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

There is one active new building construction project totaling 422,934 square feet. It is a 387-unit, 422,934-square-foot R-2 building developed by Eugene Schneur with plans filed August 7, 2017 and permitted April 8, 2019.

The majority, or 68 percent of the 45,700 square feet of built space are mixed-use buildings, with industrial buildings next occupying 14 percent of the space.

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