Pinnacle Group signs $63M refi loan with New York Community for rentals in NYC in 5 deals

Joel Wiener’s Pinnacle Group signed $63 million in refi loans with New York Community for rentals in NYC in five separate deals.

In the first, Pinnacle Group through the entity 45-35 Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $15.1 million for the 100-unit rental (D1) at 45-35 44th Street in Sunnyside, Queens.
The deal closed on September 13, 2021 and was recorded on October 7, 2021.
The property has 79,450 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $189 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 owner bought the property on October 1, 2003, for $13.9 million.
The signatory for Pinnacle Group was Joel Wiener.

The owner according to the Department of Housing Preservation and Development is Tal Sharon, head officer. The business entity is 43-35 Realty Llc.
Within a 400-foot radius of 45-35 44th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which A&E Real Estate Holdings and Harvard bought the 77,856-square-foot, 110-unit rental (D7) on 43-09 47th Avenue and 39 other properties for $14.2 million from A&E Real Estate Holdings on February 17, 2021.
Of those three items, two were loans above $5 million totaling $22.2 million. The most recent of the two was Edward Balazs which borrowed $5.5 million from JPMorgan Chase secured by the 41,574-square-foot, 46-unit rental (D1) on 45-16 44th Street on April 23, 2021.

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In the second, Pinnacle Group through the entity 3410 Kingsbridge LLC as borrower signed a refi loan with lender New York Community Bank valued at $12.8 million for the 117-unit rental (C1) at 3410 Kingsbridge Avenue in Kingsbridge, Bronx.
The deal closed on September 13, 2021 and was recorded on October 7, 2021.
The property has 142,500 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $90 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 owner bought the property on June 26, 2008, for $10.7 million.
The signatory for Pinnacle Group was Joel Weiner.

The owner according to the Department of Housing Preservation and Development is David Radoncic, head officer. The business entity is 3410 Kingsbridge Llc.
Within a 400-foot radius of 3410 Kingsbridge Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on January 16, 2020 for a 35,074-square-foot R-2 building with 39 residential units at 3436 Kingsbridge Avenue.
Of those three items, two were loans above $5 million totaling $22.0 million. The most recent of the two was Pinnacle Group which borrowed $6.0 million from Capital One secured by the 0-square-foot, 56-unit rental (D3) on 3425 Kingsbridge Avenue and one other property on June 24, 2021.

Direct link to Acris document. link