201 East 25th Street cooperative in Kips Bay signs $15M refi with Investors Bank
The 201 East 25th Street cooperative through the entity 20125 Owners Corp. as borrower signed a refi loan with lender Investors Bank valued at $15 million for the 164-unit co-op (D4) at 201 East 25th Street in Kips Bay, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 26, 2021.
The property has 170,080 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $88 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 201 East 25th Street cooperative was Colin Fowler.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $3.3 million.
The building officers according to the Department of Housing Preservation and Development include Anthony Geraci, head officer and Amelia Ahne, officer. The business entities are Douglas Elliman Property Management and 20125 Owners Corp.
Within a 400-foot radius of 201 East 25th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.3 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.4 million. The most recent of these three items was the temporary certificate of occupancy on March 17, 2021 for a 5,012-square-foot R-2 building with six residential units at 201 East 26th St.
Of those six items, three were loans above $5 million totaling $42 million. The most recent of the three was Continental Ventures which borrowed $16.8 million from Signature Bank secured by the 9,073-square-foot, 11-unit rental (C7) on 360 3rd Avenue and two other properties on May 27, 2020.
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