Shlomo Karpen signs $17.5M loan with Bethpage Federal Credit Union for industrial in Long Island City

Shlomo Karpen through The Borden Review LLC as borrower signed a loan with lender Bethpage Federal Credit Union valued at $17.5 million for the midblock industrial building at 30-01 Review Avenue in Long Island City, Queens.
The deal closed on March 11, 2022 and was recorded on March 18, 2022. The property has 96,000 square feet of built space and 237,380 square feet of additional air rights for a total buildable of 333,400 square feet according to PincusCo analysis of city data. The loan price per built square foot is $182 and the price per buildable square foot is $52 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 October 7, 2014, for $17 million.

Prior sales and revenue

The 96,000-square-foot property generated revenue of $1.2 million or $13 per square foot, according to the most recent income and expense figures.

The property

The 30-01 Review Avenue parcel has frontage of 130 feet and is 510 feet deep with a total lot size of 66,680 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $6 million. The most recent loan totaled $17.5 million and was provided by Bethpage Federal Credit Union on September 27, 2019. The property has a city-determined energy rating of 67 out of 100.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received three DOB violations, $12,500 in ECB penalties 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 33 percent of the 66.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 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.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 96,000 square feet of the 582,303 square feet. The identified owner is Shlomo Karpen. There are no active new building construction projects on this tax block.

All properties are industrial.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 30-01 Review Avenue that occurred over the past 24 months.

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