Yeshiva Har Torah as borrower signed a refi loan with lender Build NYC Resource Corporation valued at $13.8 million for two specialty condominium units at 250-10 Grand Central Parkway in Glen Oaks, Queens.
The deal closed on March 1, 2023 and was recorded on March 16, 2023. The two properties have 49,164 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $279 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 Yeshiva Har Torah was Irwin Adelsberg.
The 250-10 Grand Central Pkwy parcel has a total lot size of 42,516 square feet. The city-designated market value for the property in 2022 is $11.2 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Glen Oaks, the majority, or 84 percent of the 3.9 million square feet of commercial built space are specialty buildings, with retail buildings next occupying 8 percent of the space. In sales, Glen Oaks has the 56th highest sale turnover among other neighborhoods in Queens with $4.2 million in sales volume in the last two years. For development, Glen Oaks has had very little major development activity relative to other neighborhoods.It had 23,864 square feet of commercial and multi-family construction under development in the last two years, which represents 0.61 percent of the neighborhood’s built space.
There are no active new building construction projects on this tax block.
The majority, or 61 percent of the 671,501 square feet of built space are specialty buildings, with elevator buildings next occupying 39 percent of the space.
The PincusCo database currently indicates that Yeshiva Har Torah owned at least one commercial property in New York City with 26,989 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Temple Torah of Little Neck. The portfolio consists of at least a single M1 property. It is located in Queens.
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