Prescott Lester signs $101.7M refi with JLL for 1,856 units in Queens

Prescott Lester, the great-grandnephew of the late Queens developer David Minkin, on behalf of 16 Queens buildings with a total of 1,856 residential units, signed refinance loans with JLL totaling $101.7 million in 12 separate transactions. David Minkin died at the age of 99 in 2003.

In the largest transaction, Prescott Lester through the entity 66-25 103rd Street Gst Lmo 5, LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $12.4 million for the 148-unit residential elevator building (D1) at 66-25 103rd Street in Forest Hills, Queens.
The deal closed on June 30, 2023 and was recorded on August 7, 2023. The prior lender was Starwood Property Trust which held debt that had an original loan amount of $10.4 million.The property has 169,348 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $73 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 Prescott Lester was Prescott Lester. The signatory for JLL was Alyssa D. Berquam.

The other buildings include 66-25 103rd Street, 102-25 67th Drive, 102-40 67th Road, 88-11 63rd Drive, 89-11 63rd Drive, and 88-04 63rd Drive, 102-40 67th Road, 67-15 102nd Street, 102-30 67th Avenue, 102-25 67th Drive, 72-36 112th Street, 88-11 63rd Drive, 88-04 63rd Drive, 89-11 63rd Drive, 102-20 67th Drive and 35-55 73rd Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Prescott Lester, head officer and Barbara Dunne, officer. The business entities are 66-25 103rd Street Gst Lmo 5, Llc and 66-25 103rd Street Gst Lmo 5, Llc.

The property

The residential elevator building with 148 residential units in Forest Hills has 169,348 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 286 feet and is 220 feet deep with a total lot size of 45,591 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 12 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 169,348 square feet on the block.The identified owner is Prescott Lester.
There are no active new building construction projects on this tax block.

All properties are elevator.

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