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120 46 Queens Boulevard

Updated Oct 23, 2025

Philip Pilevsky's Philips International Secures $12 Million Refinance Loan From Standard Insurance Company
FINANCEDOffice

Philip Pilevsky's Philips International Secures $12 Million Refinance Loan From Standard Insurance Company

120 46 Queens Boulevard & 120 34 Queens Boulevard

$12,000,000

$69/SF

Building Size

86,134 SF

Asset Type

Office

Closing

Sep 30, 2025

About this deal

AI

Two Kew Gardens buildings located at 120-46 Queens Boulevard and 120-34 Queens Boulevard, encompassing 92,880 BSF and 86,134 SF, are involved in the transaction. The asset type consists of office and retail spaces. The refinancing secured a $12 million loan, replacing an existing $18 million debt previously acquired from Dime Community Bank.

Summary of transaction details:

  • Property Type: Office & Retail
  • Transaction Amount: $12,000,000
  • Address: 120-46 Queens Boulevard & 120-34 Queens Boulevard
  • Market: Kew Gardens, Queens
  • Lender: Standard Insurance Company
  • Landlord: Philip Pilevsky - Philips International
  • Loan Type: Refinance

Philip Pilevsky, representing Philips International through 120-34/70 Qb LLC, played a crucial role in executing the refinancing of the two buildings, ensuring continuity in financing for the properties involved in this transaction.

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$12,000,000

$69/SF

Office

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Players

Standard Insurance Company
Standard Insurance CompanyLender
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Kew Gardens Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $69 per square foot on a published $12M for 172,268 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.32%

Cash-on-Cash

-0.38%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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