Slate Property Group through the entity Queenswood Housing Development Fund Corporation paid $39 million to Brookfield Properties through the entity Queenswood Associates, L.P., for the 296-unit residential elevator building (D1) at 54-39 100th Street in Corona, Queens.
The acquisition includes a potential development site. The purchase was financed with a $42.5 million acquisition and rehabilitation loan from New York City Housing Development Corporation. Real Estate Weekly reported on the sale last week.
The deal closed on June 29, 2023 and was recorded on July 7, 2023. The property has 266,316 square feet of built space and 41,910 square feet of additional air rights for a total buildable of 308,610 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $146 and the price per buildable square foot is $126 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 seller bought the property on December 7, 2018, for $27.3 million. The signatory for Brookfield Properties was Ketan Patel. The signatory for Slate Property Group was Steve Krasman. The contract date was June 21, 2022. Brookfield acquired this property as part of its purchase of Forest City Realty Trust in 2018 for $11.4 billion.
A spokesperson for Slate did not elaborate on the development site, which city records said could be developed by Slate or sold to another developer.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Slate Property Group purchased 11 properties in 10 transactions for a total of $396.3 million and sold three properties in three transactions for a total of $33.1 million over the past 24 months.
The seller Brookfield Properties purchased 19 properties in 12 transactions for a total of $1 billion and sold eight properties in five transactions for a total of $698.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Linda Early, head officer and Augustin De Lora, site manager. The business entities are Brookfield Properties Multifamily, Llc and Queenswood Associates L.P. The 266,316-square-foot property generated revenue of $5.8 million or $22 per square foot, according to the most recent income and expense figures.
The residential elevator building with 296 residential units in Corona has 266,316 square feet of built space and 41,910 square feet of additional air rights for a total buildable of 308,610 square feet according to a PincusCo analysis of city data. The parcel has frontage of 491 feet and is 200 feet deep with a total lot size of 127,000 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $26.9 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 15 DOB violations, 15 housing violations, and $3,740 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
There are no active new building construction projects on this tax block.
All properties are elevator.
The PincusCo database currently indicates that Brookfield Properties owned at least 57 commercial properties with 4,356 residential units in New York City with 25,030,096 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $10.5 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 25,030,096 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Slate Property Group owned at least 49 commercial properties with 2,528 residential units in New York City with 2,534,454 square feet and a city-determined market value of $667.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Mack Real Estate Group, Signature Bank, and PCCP respectively. Within the portfolio, the bulk, or 84 percent of the 2,534,454 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Brooklyn next at 18 percent of the space.
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