Triumph Real Estate signs $11.5M refi loan with First Republic Bank for residential elevator in Kew Gardens

Triumph Real Estate Management through the entity Austin Apartments LLC as borrower signed a refi loan with lender First Republic Bank valued at $11.5 million for the midblock 144-unit residential elevator building at 82-67 Austin Street in Kew Gardens, Queens.
The deal closed on March 1, 2022 and was recorded on March 9, 2022. The prior lender was BankUnited which held debt that had an original loan amount of $12.2 million.The property has 124,343 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $92 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 March 1, 2011, for $19.5 million. The signatory for Triumph was Shimmie Horn. The signatory for First Republic Bank was Alan J. Perlowitz. Shimmie Horn is the president and CEO of Triumph Hotels. 

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Shimmie Horn, head officer and Robert Simone, agent. The business entity is Austin Apartments Llc. The 124,343-square-foot property generated revenue of $2.8 million or $23 per square foot, according to the most recent income and expense figures.

The property

The 82-67 Austin Street parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.7 million.The property has a city-determined energy rating of 74 out of 100.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation and two housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Kew Gardens, the bulk, or 47 percent of the 13.9 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 26 percent of the space. In sales, Kew Gardens has the 26th highest sale turnover among other neighborhoods in Queens with $39.7 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 336,070 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 192,153 square feet of the 192,153 square feet. The two identified owners are Triumph Real Estate Management and Benzion Wachsman. There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 235,964 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Triumph Real Estate owned at least 30 commercial properties with 2.1 million square feet composed mostly of residential rental buildings and hotels.

Surrounding

Within a 400-foot radius of 82-67 Austin Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Gameel Saeidi bought the 18,750-square-foot, 20-unit rental (C7) on 80-57 Lefferts Boulevard for $5 million from Mun Chang on January 22, 2020.

Direct link to Acris document. link