Triangle Equities signs $15.3M refi for truck parking in College Point

Triangle Equities through the entity 26-05 Ulmer Property Owner, LLC as borrower signed a refi loan with lender Centennial Bank through the entity Centennial Bank valued at $15.3 million for the truck parking lot (G7) at 26-05 Ulmer Street in College Point, Queens.
The deal closed on March 13, 2025 and was recorded on March 14, 2025. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $10 million.The property has zero square feet of built space and 242,424 square feet of additional air rights for a total buildable of 242,424 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $63 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 Triangle Equities was Evan Petracca. The signatory for Centennial Bank was Francillia LeBlanc.

The property

The parcel has frontage of 196 feet and is 515 feet deep with a total lot size of 121,212 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $6.4 million. The most recent loan totaled $7.6 million and was provided by Metropolitan Commercial Bank on December 21, 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 not received any significant violations in the last year.

Development

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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has near average sales volume among other neighborhoods with $280.4 million in sales volume in the last two years and is the 6th highest in Queens. For development, College Point has had very little major development activity relative to other neighborhoods.It had 535,379 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 28,705 square feet of the 28,705 square feet. The largest owner is Triangle Equities, followed by Hallen Construction Company and then Nyc Economic Development Corporation.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 28,705 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Triangle Equities owned at least seven commercial properties in New York City with 709,193 square feet and a city-determined market value of $121.6 million. (Market value is typically about 50% of actual value.) The portfolio has $448.7 million in debt, with top three lenders as CIT Bank, LoanCore Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 42 percent of the 709,193 square feet of built space are industrial properties, with specialty properties next occupying 34 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Bronx next at 11 percent of the space.

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