Silverstein Properties signs $165M new construction loan with Banco Inbursa for 354-unit project in Astoria

Silverstein Properties through the entity 44-01 Northern Owner, LLC as borrower signed a new construction loan with lender Banco Inbursa valued at $165 million for the 354-unit project at 44-01 Northern Boulevard in Astoria, Queens.

On the lot, there is one active new building construction project for a 354-unit, 302,852 square-foot residential (R-2) building. The project was developed by Silverstein Properties with plans filed October 19, 2021.
The deal closed on February 14, 2023 and was recorded on February 22, 2023.
The owner bought the property on November 2, 2021, for $39.8 million. The signatory for Silverstein Properties was Michael Levy. The signatory for Banco Inbursa was Jennifer D. Britt. Britt is with Trimont Real Estate Advisors, which advised Banco Inbursa on the deal.

The property

The 44-01 Northern Boulevard parcel has frontage of 142 feet and is 123 feet deep with a total lot size of 17,423 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

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 received one DOB violation and $2,400 in OATH penalties in the last year.

The neighborhood

In Astoria, the bulk, or 36 percent of the 40.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 96,076 square feet of the 142,076 square feet. The two identified owners are Walter Selva and Silverstein Properties.
On the tax block, there was one new building construction project filed totaling 302,852 square feet. It is a 354-unit, 302,852-square-foot R-2 building developed by Brian Collins with plans filed October 19, 2021 and permitted May 5, 2022.

The majority, or 65 percent of the 142,076 square feet of built space are elevator buildings, with industrial buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Silverstein Properties owned at least 10 commercial properties in New York City with 13,254,255 square feet and a city-determined market value of $4.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.4 billion in debt, with top three lenders as New York Liberty Development Corporation, Wells Fargo, and Bank of New York Mellon as trustee respectively. Within the portfolio, the bulk, or 90 percent of the 13,254,255 square feet of built space are office properties, with elevator properties next occupying 9 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link