SB Development Group signs $61.7M refi with Northwind Group for 86-unit condo project in LIC
SB Development Group through the entity 41-05 29th Street Owner LLC as borrower signed a refi loan with lender Northwind Group through the entity NW Nova 29th Lender LLC valued at $61.7 million for the 86-unit Nova Condominium at 41-05 29th Street in Long Island City, Queens.
The deal closed on November 30, 2022 and was recorded on December 13, 2022. The prior lender was SCALE Lending of Slate Property Group which held debt that had an original loan amount of $55 million. The property has 91,114 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $676 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 SB Development Group was Joseph Stern. The signatory for Northwind Group was Ran Eliasaf.
The property
The 41-05 29th Street parcel has frontage of 108 feet and is 68 feet deep with a total lot size of 4,143 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.The most recent loan totaled $55 million and was provided by Slate Property Group on May 4, 2021.
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 not received any significant violations in the last year.
Development
On the lot, there is one active new building construction project for a 86-unit, 165,614 square-foot R-2 building. The project was developed by Roni Benjamini with plans filed April 4, 2018 and permitted December 4, 2019. On the tax lot, the most recent condominium plan was filed by 41-05 29TH STREET OWNER LLC to create 86 residential units and 1 commercial units in a building at 41-05 29th Street in Long Island City, Queens, called Nova Condominium that has a $88.9 million sellout, according to an July 26, 2019 submission to the New York State Attorney General. The principals of the sponsor, 41-05 29TH STREET OWNER LLC, were Roni Benjamini and Joseph Stern.
The block
On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 275,880 square feet of the 481,504 square feet. The largest owner is DSA Property Group, followed by Lightstone Group and then SB Development Group.
On the tax block, there was one new building construction project filed totaling 165,614 square feet. It is a 86-unit, 165,614-square-foot R-2 building developed by Roni Benjamini with plans filed April 4, 2018 and permitted December 4, 2019.
The majority, or 64 percent of the 293,560 square feet of built space are elevator buildings, with hotel buildings next occupying 34 percent of the space.
The borrower
The PincusCo database currently indicates that SB Development Group owned at least three commercial properties in New York City with 119,963 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 119,963 square feet of built space are elevator properties, with industrial properties next occupying 24 percent of the space. They are all located in Queens.
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