$7.1M refi loan with Dime Community Bank for two properties in Midtown

John Kristian Rapp and Stella Sklias through the entity 1061 Second Ave. LLC as borrower signed a refi loan with lender Dime Community Bank valued at $7.1 million for two properties including the mixed-use building (K4) at 1061 2nd Avenue in Midtown, Manhattan and 12-unit rental (C7) at 1059 2nd Avenue in Midtown, Manhattan.
The deal closed on November 10, 2021 and was recorded on December 10, 2021.
The two properties have 16,000 square feet of built space and 34,000 square feet of additional air rights for a total buildable of 50,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $445 and the price per buildable square foot is $142 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 John Kristian Rapp and Stella Sklias was John Kristian Rapp and Stella Sklias. The signatory for Dime Community Bank was Thomas Trufelli.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $274,000.
The owners according to the Department of Housing Preservation and Development include John Rapp, head officer and Stella Sklias, officer. The business entity is 1061 Second Avenue, Llc.

Within a 400-foot radius of 1059 2nd Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.

Of those four items, three were loans above $5 million totaling $76.2 million. The most recent of the three was Brevard cooperative which borrowed $26 million from Investors Bank secured by the co-op (C6) on 231 East 54th Street and four other properties on January 14, 2021.

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