Vision Enterprises signs $16.1M refi loans with Signature for rentals in Manhattan, Queens

Vision Enterprises signed $16.1 million in refinance loans with Signature Bank for rentals in Manhattan and Queens in two separate transactions.

In the first, Vision Enterprises through the entity West 72nd St. Associates LLC as borrower signed a refi loan with lender Signature Bank valued at $9.2 million for the 46-unit rental (D6) at 124 West 72nd Street in Lincoln Square, Manhattan.
The deal closed on May 13, 2021 and was recorded on June 18, 2021.
The property has 40,982 square feet of built space and 35,628 square feet of additional air rights for a total buildable of 76,620 square feet according to PincusCo analysis of city data. The loan price per built square foot is $224 and the price per buildable square foot is $120 per the PincusCo analysis.
The signatory for Vision Enterprises was Leonard Zangas.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $312,606.
The owners according to the Department of Housing Preservation and Development includes Peter Mesos, head officer and Leonard Zangas, officer. The business entity is West 72 St Assoc Llc.
Within a 400-foot radius of 124 West 72nd Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $130.0 million. The most recent of the two was MGA Management Corp. which borrowed $95.0 million from Morgan Stanley Bank secured by the 111,997-square-foot, 96-unit rental (D6) on 261 Amsterdam Avenue and one other property on May 18, 2021.

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In the second, Vision Enterprises through the entity Star Associates, LLC as borrower signed a refi loan with lender Signature Bank through the entity Signature Bank valued at $6.9 million for the 63-unit rental (D7) at 35-65 85th Street in Jackson Heights, Queens.
The deal closed on May 13, 2021 and was recorded on June 18, 2021.
The property has 48,300 square feet of built space and 0 square feet of additional air rights for a total buildable of 34,400 square feet according to PincusCo analysis of city data. The loan price per built square foot is $142 per the PincusCo analysis.
The signatory for Vision Enterprises was Leonard Zangas.

The owners according to the Department of Housing Preservation and Development includes Peter Mesos, head officer and Leonard Zangas, officer. The business entity is Star Assoc Llc.
Within a 400-foot radius of 35-65 85th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on October 3, 2019 for a 35,131-square-foot residential building with 40 residential units at 35-64 85th Street.
Of those three items, two were loans above $5 million totaling $159.3 million. The most recent of the two was Pinnacle Group which borrowed $95.4 million from Tel Aviv Stock Exchange bondholders secured by the 83,238-square-foot, 90-unit rental (D1) on 86-06 35th Avenue and four other properties on January 25, 2021.

Direct link to Acris document. link