Steven Krumholz signs $17.9M refi loan with Ridgewood for 106-unit rental in Flushing

Steven Krumholz through the entity Bk Property Four, LLC as borrower signed a refi loan with lender Ridgewood Savings Bank valued at $17.9 million for the 106-unit residential elevator building (D1) at 142-01 41st Avenue in Flushing, Queens.
The deal closed on December 27, 2018 and was recorded on November 10, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $17.9 million.The property has 102,023 square feet of built space and 4,011 square feet of additional air rights for a total buildable of 106,151 square feet according to PincusCo analysis of city data. The loan price per built square foot is $175 and the price per buildable square foot is $168 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 February 16, 2007, for $5.6 million. The signatory for Steven Krumholz was Steven Krumholz. The signatory for Ridgewood Savings Bank was Marna E. Bernstein.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Steven Krumholz, head officer and Jennifer Cruz, officer. The business entity is Bk Property Four Llc. The 102,023-square-foot property generated revenue of $2.3 million or $23 per square foot, according to the most recent income and expense figures.

The property

The 142-01 41st Avenue parcel has frontage of 277 feet and is 111 feet deep with a total lot size of 30,858 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, and $2,500 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 269,559 square feet of the 463,187 square feet. The largest owner is Kaled Management, followed by Xinhua Gan and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 463,187 square feet of built space are elevator buildings, with mixed-use buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Steven Krumholz owned at least two commercial properties in New York City with 73,721 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) The portfolio has $14.4 million in debt, borrowed from Ridgewood Savings Bank and Citibank. Within the portfolio, all identified are elevator properties. The bulk, or 73 percent of the built space, is in Queens, with Manhattan next at 27 percent of the space.

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