Pinchos Hoffman signs $9.9M refi with Webster Bank for 109-unit rental in Jamaica

Pinchos Hoffman through the entity Blackstone Arms Associates as borrower signed a refi loan with lender Webster Bank valued at $9.9 million for the 109-unit residential elevator building (D7) at 166-40 89th Avenue in Jamaica, Queens.
The deal closed on February 15, 2023 and was recorded on February 23, 2023. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $11.1 million.The property has 76,060 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $130 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.)

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Hoffman, head officer and Oscar Loaiza, site manager. The business entity is Blackstone Arms Associates. The 76,060-square-foot property generated revenue of $1.8 million or $23 per square foot, according to the most recent income and expense figures.

The property

The 166-40 89th Avenue parcel has frontage of 112 feet and is 102 feet deep with a total lot size of 11,424 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.4 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 received $50 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.

the majority, or 93 percent of the 81,675 square feet of built space are elevator buildings, with mixed-use buildings next occupying 7 percent of the space.

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