World Wide Group signs $34.5M refi with MetLife for 124-unit LIC rental

World Wide Group through the entity WWG Crescent 2 LLC as borrower signed a refi loan with lender MetLife through the entity Metlife Real Estate Lending LLC valued at $34.5 million for the 124-unit residential elevator building (D7) at 42-15 Crescent Street in Long Island City, Queens.
The deal closed on April 24, 2026 and was recorded on May 6, 2026. The prior lender was Helaba which held debt that had an original loan amount of $32 million. The property has 110,743 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $311 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 March 17, 2016, for $70 million. The signatory for World Wide Group was Jodi Gerstman . The signatory for MetLife was Brett Ulrich .

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 Wwg Crescent Llc. The 110,743-square-foot property generated revenue of $5.4 million or $49 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 124 residential units in Long Island City has 110,743 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 85 feet deep with a total lot size of 12,750 square feet. 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 city-designated market value for the property in 2022 is $20.9 million.

Transaction Participants

Dominic J. De Simone at Ballard Spahr LLP participated in the transaction on behalf of the lender.

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 $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 25, 2016. 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 three of the four commercial properties representing 395,533 square feet of the 398,610 square feet. The largest owner is Rabsky Group, followed by World Wide Group and then Lions Group.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 398,610 square feet of built space are elevator buildings, with retail buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that World Wide Group owned at least five commercial properties with 675 residential units in New York City with 695,505 square feet and a PincusCo-determined asset value of $338.3 million. The portfolio has $173.1 million in debt, with top three lenders as KKR, World Wide Group, and Pacific National Bank respectively. Within the portfolio, the bulk, or 97 percent of the 695,505 square feet of built space are elevator properties, with condo properties next occupying 2 percent of the space. The bulk, or 72 percent of the built space, is in Queens, with Brooklyn next at 24 percent of the space.

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