Triangle Equities ups debt to $31.5M at two Queens properties
Triangle Equities signed two refinance loans with Goldman Sachs totaling $31.5 million for two properties in Queens, up from a combined $23.8 million.
In the larger transaction, Triangle Equities through the entity 30-56 Whitestone Property Owner, LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $16.4 million for the office building (O2) at 30-56 Whitestone Expressway in College Point, Queens.
The deal closed on August 22, 2024 and was recorded on September 9, 2024. The prior lender was Provident Bank which held debt that had an original loan amount of $15 million. The property has 57,834 square feet of built space and 47,470 square feet of additional air rights for a total buildable of 105,489 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $283 and the price per buildable square foot is $155 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 Goldman Sachs was Timothy Richards.
In the second deal, Triangle Equities through the entity 168-35 Rockaway Property Owner, LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $15.1 million for the office building (O2) at 168-35 Rockaway Boulevard in Springfield Gardens, Queens. The deal closed on August 22, 2024 and was recorded on September 9, 2024. The prior lender was Provident Bank which held debt that had an original loan amount of $8.8 million.
The property has 39,000 square feet of built space and 42,283 square feet of additional air rights for a total buildable of 81,315 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $387 and the price per buildable square foot is $185 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 Goldman Sachs was Timothy Richards.
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 $1,870 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 $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 had very little sales volume relative to other neighborhoods with $206.6 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 433,551 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 57,834 square feet on the block.The identified owner is Triangle Equities.
There are no active new building construction projects on this tax block.
All properties are office.
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 $345.2 million in debt, with top three lenders as CIT Bank, LoanCore Capital, and H.I.G. Capital 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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