Slate Property Group through the entity 37-11 30th Street Holdings LLC as borrower signed a refi loan with lender PCCP through the entity Pacificcal Debt V, LLC valued at $85 million for the 186-unit residential elevator building (D6) at 37-05 30th Street in Long Island City, Queens.
The deal closed on June 9, 2023 and was recorded on June 16, 2023. The prior lender was Centennial Bank which held debt that had an original loan amount of $54.8 million.
The property has 209,426 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $405 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 Slate Property Group was Steve Krasman. The signatory for PCCP was William R. Lindsay.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Daniel Hochberg, head officer and Luis Tejada, site manager. The business entity is 37-11 30th Street Holdings Llc.
The residential elevator building with 186 residential units in Long Island City has 209,426 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 269 feet and is 134 feet deep with a total lot size of 26,008 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $28.7 million. The most recent loan totaled $54.8 million and was provided by Centennial Bank on September 25, 2020.
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 $5,000 in OATH penalties in the last year.
On the lot, there was one new building construction project for a 198-unit, 178,577 square-foot R-2 building. The project was submitted by Slate Property Group and filed by David Schwartz with plans filed March 7, 2018 and permitted February 6, 2020.
On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 231,426 square feet of the 270,804 square feet. The two identified owners are Slate Property Group and HC Contracting.
On the tax block, there were two new building construction projects totaling 178,820 square feet. The largest is a 198-unit, 178,577 square-foot residential (R-2) building submitted by Slate Property Group and filed by David Schwartz with plans filed March 7, 2018 and permitted February 6, 2020.
The majority, or 77 percent of the 270,804 square feet of built space are elevator buildings, with industrial buildings next occupying 12 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 $1.1 billion in debt, with top three lenders as Mack Real Estate Group, Signature Bank, and Apollo Global Management 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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