Rosenwach Group signs $11.4M refi for mixed-use in Ditmars Steinway

Rosenwach Group through the entity Laguardia Center Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $11.4 million for the mixed-use building (K6) at 43-02 Ditmars Boulevard in Ditmars Steinway, Queens.
The deal closed on July 24, 2023 and was recorded on July 28, 2023. The prior lender was Dime Community Bank which held debt that had an original loan amount of $14 million.The property has 122,570 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $93 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 March 1, 2006, for $2.1 million. The signatory for Rosenwach Group was Andrew Rosenwach. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The 122,570-square-foot property generated revenue of $3 million or $24 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Ditmars Steinway has 122,570 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 550 feet deep with a total lot size of 110,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $15.5 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 two DOB violations and $600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 8, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Ditmars Steinway, The bulk, or 41 percent of the 11.1 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $109.1 million in sales volume in the last two years. For development, Ditmars Steinway has near average amount of major developments among other neighborhoods and is the 8th highest in Queens. It had 985,396 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

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

The majority, or 69 percent of the 178,351 square feet of built space are mixed-use buildings, with industrial buildings next occupying 19 percent of the space.

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