World Wide Group signs $160.2M refi with KKR for 421-unit rental in LIC

World Wide Group through the entity 24th Street Lic LLC as borrower signed a refi loan with lender KKR through the entity Commonwealth Annuity And Life Insurance Company valued at $160.2 million for the 421-unit residential elevator building (D6) at 41-42 24th Street in Long Island City, Queens.
The deal closed on December 30, 2025 and was recorded on January 16, 2026. The prior lender were bondholders of Series 2016-NXS6 with servicer Trimont which held debt that had an original loan amount of $165 million.

The property has 395,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $405 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 28, 2012, for $28.9 million. The signatory for World Wide Group was Jodi Gerstman . The signatory for KKR was Adam Simon .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Jodi Gerstman, head officer and Neal Cohen, officer. The business entities are Rose Property Mgmt Grp Llc and 24th Street Lic Llc. The 395,000-square-foot property generated revenue of $18.2 million or $46 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 421 residential units in Long Island City has 395,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 186 feet and is 146 feet deep with a total lot size of 41,628 square feet. The lot is irregular. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2017 and expires in 2032. The city-designated market value for the property in 2022 is $98.8 million. The property has 421 rent regulated units according to city tax records from 2024.

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, $1,250 in ECB penalties, and $1,250 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 this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 567,018 square feet of the 577,208 square feet. The largest owner is World Wide Group, followed by Sma Equities and then Yitzchok Schwartz.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 577,208 square feet of built space are elevator buildings, with industrial buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that World Wide Group owned at least three commercial properties with 675 residential units in New York City with 679,219 square feet and a city-determined market value of $155.5 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from World Wide Group and Pacific National Bank. Within the portfolio, all identified are elevator properties. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 26 percent of the space.

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