Sophia Shanfen Zhang signs $29.8M refi with Slate for 143-unit rental in Astoria

Sophia Shanfen Zhang through the entity Mings Garden Realty LLC as borrower signed a refi loan with lender Slate Property Group through the entity SPG Astoria Lender LLC valued at $29.8 million for the 143-unit residential elevator building (D3) at 26-01 4th Street in Astoria, Queens.
The deal closed on February 16, 2024 and was recorded on February 21, 2024. The prior lender was Parkview Financial which held debt that had an original loan amount of $50 million.
The property has 167,109 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $178 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 5, 2012, for $6.9 million. The signatory for Sophia Shanfen Zhang was Sophia Zhang. The signatory for Slate Property Group was Stephen Krasman.

The property

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 $7.9 million. The most recent loan totaled $50 million and was provided by Parkview Financial on February 26, 2021.

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 two DOB violations, $26,280 in ECB penalties, and $26,480 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 421058232, for a 143-unit, 165,221 square-foot R-2 building. The project was submitted by Shan Fen Zhang and filed by Shan Fen Zhang with plans filed December 29, 2014 and permitted April 27, 2022. On the tax lot, the most recent condominium plan was filed by MINGS GARDEN REALTY LLC to create 143 residential units and 12 commercial units in a building at 26-01 4th Street in Astoria, Queens, called Mings Garden Condominiumthat has a $98.2 million sellout, according to an July 1, 2020 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 315,349 square feet of the 329,269 square feet. The largest owner is Yolanda Rivera Nunez, followed by Stella Mavrikos and then Sophia Shanfen Zhang.
On the tax block, there were three new building construction projects totaling 535,755 square feet. The largest is a 165-unit, 288,907 square-foot residential (R-2) building submitted by Solomon Feder|Bruman Realty and filed by Solomon Feder with plans filed September 8, 2020 and permitted March 10, 2022. The second largest is a 143-unit, 165,221 square-foot residential (R-2) building submitted by Shan Fen Zhang and filed by Shan Fen Zhang with plans filed December 29, 2014 and permitted April 27, 2022.

The majority, or 92 percent of the 329,269 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Sophia Shanfen Zhang owned at least five commercial properties with 145 residential units in New York City with 201,421 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $58.2 million in debt, borrowed from Parkview Financial. Within the portfolio, the bulk, or 100 percent of the 201,421 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

Correction: An earlier version of this article reported 118 units, but the revised number of units is 143.

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