Tricap signs $10M refi loan with Citizens Bank for mixed-use in Flushing

Tricap through the entity Stp Roosevelt LLC as borrower signed a refi loan with lender Citizens Bank valued at $10 million for the mixed-use building (K7) at 136-65 Roosevelt Avenue in Flushing, Queens.
The deal closed on October 30, 2025 and was recorded on November 3, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $10 million.The property has 19,500 square feet of built space and 6,527 square feet of additional air rights for a total buildable of 26,001 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $512 and the price per buildable square foot is $384 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 Tricap was David L. Edelstein . The signatory for Citizens Bank was Garrett Sokoloff .

Prior sales and revenue

The 19,500-square-foot property generated revenue of $1.4 million or $73 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Flushing has 19,500 square feet of built space and 6,527 square feet of additional air rights for a total buildable of 26,001 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 176 feet deep with a total lot size of 10,700 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $13.8 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

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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.3 times the average sales volume among other neighborhoods with $686.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 34 commercial properties representing 144,217 square feet of the 445,350 square feet. The largest owner is Pi Capital Partners, followed by Uikun Lee and then Premier Equities.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 445,350 square feet of built space are retail buildings, with office buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Tricap owned at least three commercial properties with 212 residential units in New York City with 211,902 square feet and a city-determined market value of $13 million. (Market value is typically about 50% of actual value.) The portfolio has $19.2 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are elevator properties. The bulk, or 71 percent of the built space, is in Bronx, with Manhattan next at 29 percent of the space.

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