Steven Li signs $16M refi for 55-unit rental in Kew Gardens
Steven Li through the entity Grosvenor Realty Group II LLC as borrower signed a refi loan with lender Popular Bank valued at $16 million for the 55-unit residential elevator building (D6) at 82-77 116th Street in Kew Gardens, Queens.
The deal closed on December 22, 2023 and was recorded on January 19, 2024. The prior lender was Popular Bank which held debt that had an original loan amount of $11.8 million.
The property has 55,200 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $289 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 1, 2020, for $2.6 million. The signatory for Steven Li was Steven Li. The signatory for Popular Bank was Dean Saltzman.
The property
The residential elevator building with 55 residential units in Kew Gardens has 55,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 123 feet deep with a total lot size of 10,144 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $504,000. The most recent loan totaled $11.8 million and was provided by Popular Bank on June 28, 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 not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on January 3, 2024. 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 this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 376,216 square feet of the 646,027 square feet. The largest owner is Vincenzo Maimone, followed by Tummolo Mauro and then Steven Li.
On the tax block, there were five new building construction projects totaling 145,814 square feet. The largest is a 90-unit, 82,654 square-foot residential (R-2) building submitted by Qingsheng Gu with plans filed December 14, 2017 and permitted April 19, 2023. The second largest is a 32-unit, 21,376 square-foot residential (R-2) building submitted by Vincenzo Maimone with plans filed September 25, 2017 and permitted July 18, 2022.
The majority, or 73 percent of the 646,027 square feet of built space are elevator buildings, with specialty buildings next occupying 24 percent of the space.
The borrower
The PincusCo database currently indicates that Steven Li owned at least six commercial properties with 95 residential units in New York City and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $20.7 million in debt, borrowed from Popular Bank and Cathay Bank.
Direct link to Acris document. link