Vision Enterprises signs $7.2M refi for office in Jackson Heights

Leonard Zangas’s Vision Enterprises Management through the entity 82 Associates LLC as borrower signed a refi loan with an anonymous lender through the entity 37-02 82 Holding LLC valued at $7.2 million for the office building (O5) at 37-02 82nd Street in Jackson Heights, Queens.
The deal closed on December 24, 2024 and was recorded on January 28, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $7.8 million.
The property has 27,324 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $264 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 Vision Enterprises Management was Leonard Zangas. The signatory for the lender was Bayside attorney Thomas J. Lavin.

Prior sales and revenue

The 27,324-square-foot property generated revenue of $1.3 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Jackson Heights has 27,324 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. 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 property is in the Jackson Heights Historic District. 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 for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $2,585 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 neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $126.3 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 487,151 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 24 commercial properties representing 92,896 square feet of the 370,540 square feet. The largest owner is William Dayan, followed by A&E Real Estate Holdings and then Norse Realty.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 370,540 square feet of built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space.

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