Philips International signs $12M refi with Standard Insurance for commercial in Kew Gardens

Philips International through the entity 120-34/70 Qb LLC as borrower signed a refi loan with lender Standard Insurance Company valued at $12 million for two properties including the office and retail building (O5) at 120-46 Queens Boulevard and the office building (O5) at 120-34 Queens Boulevard in Kew Gardens, Queens.
The deal closed on September 30, 2025 and was recorded on October 9, 2025. The prior lender was Dime Community Bank which held debt that had an original loan amount of $18 million. The two properties have 86,134 square feet of built space and 6,822 square feet of additional air rights for a total buildable of 92,880 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $139 and the price per buildable square foot is $129 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 Philips International was Philip Pilevsky . The signatory for Standard Insurance Company was Amy Frazey .

Prior sales and revenue

The two properties with a total of 86,134 square feet of built space generated revenue of $3.6 million per year or $41 per square foot.

The property

The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $10.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,910 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Kew Gardens, The bulk, or 47 percent of the 6.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Kew Gardens has the 34th highest sale turnover among other neighborhoods in Queens with $35.8 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 412,514 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 120-46 Queens Boulevard, PincusCo has identified the owners of four of the six commercial properties representing 111,847 square feet of the 197,981 square feet. The largest owner is Cammeby’S International Group, followed by Goldstein Advisors and then David Koptiev.
On the tax block, there was one new building construction project filed totaling 5,065 square feet. It is a 51-unit, 5,065 square-foot residential (R-2) building submitted by Yong Chen with plans filed March 23, 2021 and permitted March 15, 2022.

The majority, or 34 percent of the 197,981 square feet of built space are retail buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Philips International owned at least three commercial properties in New York City with 137,394 square feet and a city-determined market value of $42.8 million. (Market value is typically about 50% of actual value.) The portfolio has $57.6 million in debt, borrowed from OceanFirst Bank and Bank of China. Within the portfolio, the bulk, or 91 percent of the 137,394 square feet of built space are retail properties, with mixed-use properties next occupying 7 percent of the space. They are all located in Queens.

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