Rajmattie Persaud signs $12.6M refi with Signature Bank for residential walkup in Hollis

Rajmattie Persaud through the entity Krcm 1 Realty Corp as borrower signed a refi loan with lender Signature Bank valued at $12.6 million for the midblock 100-unit residential walkup building at 196-11 Jamaica Avenue in Hollis, Queens.
The deal closed on May 17, 2022 and was recorded on June 22, 2022. The prior lender was Webster Bank which held debt that had an original loan amount of $11.6 million. The property has 45,000 square feet of built space and 1,879 square feet of additional air rights for a total buildable of 46,987 square feet according to PincusCo analysis of city data. The loan price per built square foot is $280 and the price per buildable square foot is $268 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 April 25, 2017, for $15.3 million. The signatory for Rajmattie Persaud was Rajmattie Persaud. The signatory for Signature Bank was Paul Kotronis.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Rajmattie Persaud, head officer and Karan Singh, agent. The business entity is Krcm 1 Realty Corp. The 45,000-square-foot property generated revenue of $974,891 or $22 per square foot, according to the most recent income and expense figures.

The property

The 196-11 Jamaica Avenue parcel has frontage of 232 feet and is 185 feet deep with a total lot size of 62,650 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 $3.2 million.

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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 17 housing violations and $1,000 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 Hollis, the majority, or 63 percent of the 12.9 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 9 percent of the space. In sales, Hollis has the 36th highest sale turnover among other neighborhoods in Queens with $21.7 million in sales volume in the last two years. For development, Hollis has had very little major development activity relative to other neighborhoods.It had 61,007 square feet of commercial and multi-family construction under development in the last two years, which represents 0.47 percent of the neighborhood’s built space.

The block

There are three active new building construction projects totaling 31,209 square feet. The largest is a three-unit, 10,403-square-foot R-2 building developed by Ari Friedman with plans filed April 27, 2015 and permitted July 29, 2019. The second largest is a three-unit, 10,403-square-foot R-2 building developed by Ari Friedman with plans filed April 27, 2015 and permitted July 29, 2019.

The majority, or 59 percent of the 93,305 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Rajmattie Persaud owned at least three commercial properties with 206,994 square feet and a city-determined market value of $16.2 million. (Market value is typically about 50% of actual value.) The portfolio has $33.5 million in debt, with top three lenders as Signature Bank, Natixis, and JY Quaheens LP respectively. Within the portfolio, all identified are elevator properties. They are all located in Queens.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 196-11 Jamaica Avenue that occurred over the past 24 months.