The L Group signs $17M refi with Ponce Bank for mixed-use in Woodside

The L Group through the entity 2650 Bqe Lor LLC as borrower signed a refi loan with lender Ponce Bank valued at $17 million for the mixed-use building (K1) at 26-50 Brooklyn Queens Expressway in Woodside, Queens.
The deal closed on October 21, 2024 and was recorded on November 14, 2024. The prior lender was Ponce Bank which held debt that had an original loan amount of $10.3 million.The property has 38,000 square feet of built space and 49,171 square feet of additional air rights for a total buildable of 87,030 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $447 and the price per buildable square foot is $195 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 July 12, 2018, for $10.2 million. The signatory for The L Group was Salvatore Lucchese and Benny Loria. The signatory for Ponce Bank was Carlos P. Naudon. The property is occupied by a gym and a strip club.

The property

The mixed-use building in Woodside has 38,000 square feet of built space and 49,171 square feet of additional air rights for a total buildable of 87,030 square feet according to a PincusCo analysis of city data. The parcel has frontage of 312 feet and is 180 feet deep with a total lot size of 43,515 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.8 million. The most recent loan totaled $10.3 million and was provided by Ponce Bank on October 12, 2023.

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 one DOB violation in the last year.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on January 28, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $171 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 564,798 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 38,000 square feet of the 82,830 square feet. The identified owner is Philip Loria.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 82,830 square feet of built space are industrial buildings, with mixed-use buildings next occupying 46 percent of the space.

The borrower

The PincusCo database currently indicates that The L Group owned at least one commercial property with 72 residential units in New York City with 51,930 square feet and a city-determined market value of $5.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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