Woodner family signs $37.2M refi with Capital One for two rentals in Flushing
The Woodner family signed two loans with Capital One for $37.2 million for two residential elevator buildings in Flushing.
In the first, Andrea Woodner through the entity Skyline Towers 6 LLC as borrower signed a refi loan with lender Capital One through the entity Capital One, National Association valued at $19.7 million for the 320-unit residential elevator building (D7) at 43-70 Kissena Boulevard in Flushing, Queens.
The deal closed on April 28, 2023 and was recorded on May 4, 2023. The prior lender was Series 2015-K44 which held debt that had an original loan amount of $22.7 million. The property has 317,277 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $61 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 Andrea Woodner was Andrea Woodner. The signatory for Capital One was Lisa A. Moghul. Ian Woodner, a major real estate developer, acquired the property in 1967.
In the second, Andrea Woodner through the entity Carlyle One LLC as borrower signed a loan with lender Capital One valued at $17.5 million for the 285-unit residential elevator building (D6) at 43-32 Kissena Boulevard in Flushing, Queens. The deal closed on April 28, 2023 and was recorded on May 4, 2023. The prior lender was Series 2015-K45 which held debt that had an original loan amount of $14.7 million. The property has 278,825 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $62 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 Andrea Woodner was Andrea Woodner.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Branka Lezaja, head officer and Lamont Baker, officer. The business entity is Skyline Towers 6 Llc. The 317,277-square-foot property generated revenue of $6.7 million or $21 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 320 residential units in Flushing has 317,277 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 194 feet and is 349 feet deep with a total lot size of 77,351 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $29.1 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 14 housing violations 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 this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 38,880 square feet of the 1,558,636 square feet. The identified owner is NYC Department Of Education.
There are no active new building construction projects on this tax block.
The majority, or 96 percent of the 1.6 million square feet of built space are elevator buildings, with specialty buildings next occupying 2 percent of the space.
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