Steven Danza signs $9M refi with Galinn Fund for five properties in Queens
Steven Danza through the entity 105-107 Beach 90 St LLC as borrower signed a refi loan with lender Galinn Fund valued at $9 million for five properties with 12 residential units including the retail building (K1) at 84-02 Astoria Boulevard in Jackson Heights, Queens, three-unit 1-4 family building (C0) at 1-09 Beach 90th Street in Rockaway Beach, Queens, and three-unit 1-4 family building (C0) at 1-22 Beach 91st Street in Rockaway Beach, Queens.
The deal closed on May 16, 2023 and was recorded on December 15, 2023. The prior lender was Galinn Fund which held debt that had an original loan amount of $5 million.
The five properties have 26,298 square feet of built space and 16,444 square feet of additional air rights for a total buildable of 42,691 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $342 and the price per buildable square foot is $210 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 Steven Danza was Steven Danza. The signatory for Galinn Fund was David Linn.
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 84-02 Astoria Boulevard.
Prior sales and revenue
Out of the five properties, one with a total of 26,298 square feet of built space generated revenue of $480,225 per year.
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 five DOB violations and $3,090 in OATH penalties in the last year.
The neighborhood
In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $149.7 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 335,423 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On the tax block of 84-02 Astoria Boulevard, PincusCo has identified the owners of one of the two commercial properties representing 16,850 square feet of the 19,400 square feet. The identified owner is Steven Danza.
On the tax block, there was one new building construction project filed totaling 69,860 square feet. It is a 69,860 square-foot building submitted by Barbara Olivari with plans filed June 30, 2023 and it has not been permitted yet.
The majority, or 87 percent of the 19,400 square feet of built space are retail buildings, with industrial buildings next occupying 13 percent of the space.
The borrower
The PincusCo database currently indicates that Steven Danza owned at least one commercial property in New York City with 16,850 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio has $18.6 million in debt, borrowed from Stronghill Capital and Nubridge Commercial Lending. The portfolio consists of at least a single retail property. It is located in Queens.
Direct link to Acris document. link