Steelpoint Property Group signs $15.5M refi for three walkups in Astoria

Steelpoint Property Group through the entity 30-44 32nd Street Astoria Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $15.5 million for three residential walkup properties with 61 residential units including the 24-unit residential walkup building (C7) at 34-04 34th Avenue in Astoria, Queens, 20-unit residential walkup building (C1) at 30-42 32nd Street in Astoria, Queens, and 17-unit residential walkup building (C1) at 31-36 32nd Street in Astoria, Queens.
The deal closed on August 16, 2024 and was recorded on September 4, 2024. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $16.9 million.The three properties have 40,580 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $382 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 Steelpoint Property Group was Benjamin Haghani. The signatory for JPMorgan Chase was John Ferrante.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 30-42 32nd Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Ben Haghani, head officer and Michael Besse, site manager. The business entity is Astoria Property Holdings Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,500 in ECB penalties, 10 housing violations, and $2,925 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 30-42 32nd Street, PincusCo has identified the owners of nine of the 37 commercial properties representing 127,635 square feet of the 363,506 square feet. The largest owner is Zengwen Ye, followed by Pistilli Realty Group and then Rodolfo Sarchese.
On the tax block, there were seven new building construction projects totaling 78,291 square feet. The largest is a 50-unit, 17,629 square-foot hotel/dormitory/shelter (R-1) building submitted by Antonio Mourtil with plans filed August 29, 2017 and permitted January 18, 2019. The second largest is a 17-unit, 17,504 square-foot residential (R-2) building submitted by Antonio Mourtil with plans filed October 7, 2015 and it has not been permitted yet.

The majority, or 49 percent of the 363,506 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.

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