Platinum Realty Associates signs $8M refi for two mixed-use properties in Ozone Park

Platinum Realty Associates through the entity 150-03 LLC as borrower signed a refi loan with lender Signature Bank valued at $8 million for two mixed-use properties including the mixed-use building (K6) at 150-03 Cross Bay Boulevard in Ozone Park, Queens and mixed-use building (K6) at 150-29 Cross Bay Boulevard in Ozone Park, Queens.
The deal closed on September 10, 2022 and was recorded on November 25, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $8 million. The two properties have 21,005 square feet of built space and 4,437 square feet of additional air rights for a total buildable of 25,601 square feet according to PincusCo analysis of city data. The loan price per built square foot is $380 and the price per buildable square foot is $312 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 Platinum Realty Associates was Simkho Aranbayev, Ilya Koptiev, Rafik Koptiev, and Rusi Sanjana. The signatory for Signature Bank was Nicholas A. LaMorte.

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 150-03 Cross Bay Boulevard.

Prior sales and revenue

The two properties with a total of 21,005 square feet of built space generated revenue of $1.1 million per year or $54 per square foot.

The property

The 150-03 Cross Bay Boulevard parcel has frontage of 291 feet and is 162 feet deep with a total lot size of 34,135 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 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 $500 in ECB penalties and $500 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 neighborhood

In Ozone Park, the bulk, or 27 percent of the 5.4 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space. In sales, Ozone Park has the 25th highest sale turnover among other neighborhoods in Queens with $74.2 million in sales volume in the last two years. For development, Ozone Park has had very little major development activity relative to other neighborhoods.It had 107,766 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

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

The majority, or 52 percent of the 40,236 square feet of built space are mixed-use buildings, with retail buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Platinum Realty Associates owned at least 81 commercial properties in New York City with 588,630 square feet and a city-determined market value of $89.8 million. (Market value is typically about 50% of actual value.) The portfolio has $35.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 40 percent of the 588,630 square feet of built space are retail properties, with office properties next occupying 33 percent of the space. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 23 percent of the space.

Direct link to Acris document. link