Urban American signs $9M refi with Citibank for two adjacent walkups in Astoria

Urban American Management through the entity 30-58/64 34th Street, LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $9 million for two residential walkup properties with 72 residential units including the 36-unit residential walkup building (C1) at 30-58 34th Street and the adjacent building 36-unit residential walkup building (C1) at 30-64 34th Street in Astoria, Queens.
The deal closed on September 9, 2025 and was recorded on September 23, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $8 million.The two properties have 49,600 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $181 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 Urban American Management was Joshua S. Eisenberg . The signatory for Citibank was Michelle Bart.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Antoinette Travaglino, head officer and Jana Schmidt, officer. The business entity is 30-58/64 34th Street Llc. The two properties with a total of 49,600 square feet of built space generated revenue of $1.6 million per year or $33 per square foot.

The property

The two residential walkup buildings with 36 residential units in Astoria have 49,600 square feet of built space according to a PincusCo analysis of city data.  The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 10 housing violations and $100 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 block

On the tax block of 30-58 34th Street, PincusCo has identified the owners of 17 of the 49 commercial properties representing 243,874 square feet of the 506,824 square feet. The largest owner is Urban American Management, followed by Shahanara Khan and then Mohammed K. Rahman.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 506,824 square feet of built space are walkup buildings, with mixed-use buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Urban American Management owned at least 16 commercial properties with 919 residential units in New York City with 692,156 square feet and a city-determined market value of $97.7 million. (Market value is typically about 50% of actual value.) The portfolio has $187.6 million in debt, with top three lenders as MetLife, New York Community Bank, and Spencer Savings Bank respectively. Within the portfolio, the bulk, or 69 percent of the 692,156 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

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