Vincent Ragosta signs $13.9M refi for 108-unit rental in Far Rockaway

Vincent Ragosta through the entity B&S Duo Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $13.9 million for the 108-unit residential elevator building (D1) at 2211 New Haven Avenue in Far Rockaway, Queens.
The deal closed on July 18, 2022 and was recorded on July 28, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $14 million. The property has 96,310 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $143 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 February 6, 2018, for $22 million. The signatory for Vincent Ragosta was Vincent Ragosta. The signatory for New York Community Bank was Kathleen M. Dempsey.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Vincent Ragosta, head officer and Natalia Bonanno, agent. The business entities are Next Chapter Realty Llc/Fevira Realty Llc and Next Chapter Realty Llc/ Fevira Realty Llc. The 96,310-square-foot property generated revenue of $1.5 million or $16 per square foot, according to the most recent income and expense figures.

The property

The 2211 New Haven Avenue parcel has frontage of 200 feet and is 150 feet deep with a total lot size of 33,920 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 49 housing violations and two housing litigations 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 block

There is one active new building construction project totaling 23,466 square feet. It is a 26-unit, 23,466-square-foot R-2 building developed by Aharon Steinberg with plans filed September 17, 2021 and permitted July 22, 2022.

The majority, or 77 percent of the 208,678 square feet of built space are elevator buildings, with specialty buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Vincent Ragosta owned at least three commercial properties in New York City with 101,790 square feet and a city-determined market value of $6.2 million. (Market value is typically about 50% of actual value.) The portfolio has $11.2 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 50 percent of the 101,790 square feet of built space are elevator properties, with walkup properties next occupying 50 percent of the space. They are all located in Brooklyn.

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