SCO Family of Services signs $53M refi for office building in Jamaica

SCO Family of Services as borrower signed a refi loan with lender TD Bank and U.S. Bank valued at $53 million for the office building at 89-30 161st Street in Jamaica, Queens.
The deal closed on September 23, 2021 and was recorded on January 20, 2022.
The property has 30,000 square feet of built space and 22,470 square feet of additional air rights for a total buildable of 52,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,768 and the price per buildable square foot is $1,010 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 SCO Family of Services was Stephen G. Mack.
The 30,000-square-foot property generated revenue of $999,300 or $33 per square foot, according to the most recent income and expense figures.

A large portion of this debt is a $23.9 million collateral mortgage agreement between SCO Family of Services and US Bank. There is also a $3 million in a credit line mortgage from TD bank and an $8 million construction loan from U.S. Bank.

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 79 percent of the 555,173 square feet of built space are residential elevator buildings, with specialty buildings next occupying 15 percent of the space.
Within a 400-foot radius of 89-30 161st Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on January 28, 2020 for a 30,990-square-foot R-2 building with 70 residential units at 161-01 89th Avenue.
Of those five items, four were loans above $5 million totaling $62.5 million. The most recent of the four was Barone Management and Growing Up Green Charter School which borrowed $32 million from Metropolitan Commercial Bank secured by the 21,265-square-foot, one-unit industrial (W2) on 89-17 161st Street and one other property on June 28, 2021.

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