Salvatore Lucchese signs $6M refi for 41-unit rental in Astoria

Salvatore Lucchese through the entity 3015 Apartments LLC as borrower signed a refi loan with lender Popular Bank valued at $6 million for the 41-unit residential elevator building (D1) at 30-15 33rd Street in Astoria, Queens.
The deal closed on April 26, 2023 and was recorded on May 15, 2023. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $3.4 million.
The property has 34,200 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $175 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 Salvatore Lucchese was Salvatore Lucchese. The signatory for Popular Bank was Chancellor H. Moy.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Josephine Lucchese, head officer and Sal Lucchese, officer. The business entity is 3015 Apartments Llc. The 34,200-square-foot property generated revenue of $793,855 or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 41 residential units in Astoria has 34,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 97 feet deep with a total lot size of 7,954 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 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 one DOB violation and $50 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 49 commercial properties representing 209,674 square feet of the 506,824 square feet. The largest owner is Vincent Ansanelli, followed by Urban American Management and then Shahena Salim.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 506,824 square feet of built space are walkup buildings, with mixed-use buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Salvatore Lucchese owned at least one commercial property in New York City with 34,777 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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