Solomon Feder signs $32M loan with Madison Realty for development site in Jamaica

Solomon Feder through the entity Sutphin Boulevard Equities LLC as borrower signed an acquisition loan with lender Madison Realty Capital through the entity 94-01 Sutphin Blvd 1 LLC valued at $32 million for the development building at 94-01 Sutphin Boulevard in Jamaica, Queens.
The deal closed on December 30, 2021 and was recorded on January 31, 2022.
The property has 0 square feet of built space and 601,380 square feet of additional air rights for a total buildable of 601,380 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $53 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 December 30, 2021, for $59.7 million.
The signatory for Solomon Feder was Solomon Feder. The signatory for Madison Realty Capital was Urian Yap.

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 0 percent of the 0.0 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.
Within a 400-foot radius of 94-01 Sutphin Boulevard, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on August 13, 2020 for a 81,577-square-foot R-2 building with 118 residential units at 95-08 147th Place.
One of those five items was a sale which Phoenix Realty Group bought the 46,180-square-foot development site (V1) on 147-07 94th Avenue for $26.7 million from Rocco Ron Romeo on January 6, 2020.
Of those five items, two were loans above $5 million totaling $190.8 million. The most recent of the two was Land & Sea Development which borrowed $10 million from First Republic Bank secured by the 46,180-square-foot development site (V1) on 147-07 94th Avenue on April 19, 2021.

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