Top Rock Holdings pays $14.1M to bank for office building in Briarwood

Top Rock Holdings through the entity 139-30 Queens Blvd Owner LLC paid $14.1 million to Teachers Federal Credit Union through the entity Teachers Federal Credit Union for the office building (O2) at 139-30 Queens Boulevard in Briarwood, Queens.
The deal closed on October 31, 2024 and was recorded on November 7, 2024. The property has 63,897 square feet of built space and 72,960 square feet of additional air rights for a total buildable of 136,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $221 and the price per buildable square foot is $103 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 seller bought the property on March 29, 2019, for $14.6 million. The signatory for Teachers Federal Credit Union was Brad C. Calhoun. The signatory for Top Rock Holdings was Uri Mermelstein. The contract date was October 31, 2024.
Top Rock Holdings through the entity 139-30 Queens Blvd Owner LLC as borrower signed a acquisition loan with lender Golden Bridge Funding through the entity Golden Bridge R2 LLC valued at $13.1 million for the office building (O2) at 139-30 Queens Boulevard in Briarwood, Queens.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Top Rock Holdings purchased eight properties in three transactions for a total of $23.3 million and sold five properties in five transactions for a total of $31.3 million over the past 24 months.
The seller Teachers Federal Credit Union had not purchased any other properties and sold one property in one transaction for a total of $5.4 million over the same time period.

The property

The office building in Briarwood has 63,897 square feet of built space and 72,960 square feet of additional air rights for a total buildable of 136,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 240 feet and is 200 feet deep with a total lot size of 45,600 square feet. The lot is irregular. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.5 million.

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 August 17, 2023. 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 Briarwood, The majority, or 66 percent of the 5.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Briarwood has the 29th highest sale turnover among other neighborhoods in Queens with $35.8 million in sales volume in the last two years. For development, Briarwood has had very little major development activity relative to other neighborhoods.It had 43,233 square feet of commercial and multi-family construction under development in the last two years, which represents 0.84 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 9,000 square feet of the 114,593 square feet. The identified owner is Michael Naclerio.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 114,593 square feet of built space are office buildings, with hotel buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Top Rock Holdings owned at least nine commercial properties with nine residential units in New York City with 152,562 square feet and a city-determined market value of $42.3 million. (Market value is typically about 50% of actual value.) The portfolio has $8.3 million in debt, borrowed from Lightstone Group. Within the portfolio, the bulk, or 47 percent of the 152,562 square feet of built space are specialty properties, with M1 properties next occupying 44 percent of the space. The bulk, or 94 percent of the built space, is in Queens, with Brooklyn next at 6 percent of the space.

Direct link to Acris document. link