Related signs $24M rehab construction loan with Citizens Bank for commercial building in Long Island City
32-02 Queens Boulevard (Credit - Google)
Related Companies through the entity 3202 Queens Blvd Owner, LLC as borrower signed a rehab construction loan with lender Citizens Bank valued at $24 million for 32-02 Queens Boulevard in Long Island City, Queens. The building is divided into four commercial condominiums. Related bought the building on July 28, 2022, for $61 million.
The deal closed on July 28, 2022 and was recorded on August 11, 2022. The four units have 327,763 square feet of built space according to 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 Related Companies was Patrick Sweeney. The signatory for Citizens Bank was William J. Butler.
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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 not received any significant violations 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 Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 7th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
The borrower
The PincusCo database currently indicates that Related Companies owned at least 221 commercial properties in New York City with 28,748,046 square feet and a city-determined market value of $8.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 35 percent of the 28,748,046 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.
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