ABJ Properties signs $9.4M refi loan with PGIM for two elevator properties in East Harlem
ABJ Properties through the entity ABJ Park, LLC as borrower signed a refi loan with lender PGIM Real Estate through the entity Pgim Real Estate Agency Financing, LLC valued at $9.4 million for two residential elevator properties with 74 residential units including the 60-unit residential elevator building (D3) at 1652 Park Avenue in East Harlem, Manhattan and 14-unit residential elevator building (D6) at 91 East 116th Street in East Harlem, Manhattan.
The deal closed on May 29, 2024 and was recorded on June 12, 2024. The prior lender was Santander Bank which held debt that had an original loan amount of $7.4 million.The two properties have 87,875 square feet of built space and 14,693 square feet of additional air rights for a total buildable of 93,726 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $106 and the price per buildable square foot is $100 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 ABJ Properties was Benjamin Soleimani. A $7,385,000 Santander Bank loan was satisfied prior to the new loan.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Joseph Soleimani, head officer and Nathanel Aharonoff, agent. The business entities are Gateway Affordable Llc. and Abj Park, Llc.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six DOB violations, 49 housing violations, $12,475 in OATH penalties, and one housing litigation in the last year.
Development
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 the tax block of 1652 Park Avenue, PincusCo has identified the owners of five of the 12 commercial properties representing 263,556 square feet of the 516,164 square feet. The largest owner is L+M Development Partners, followed by El Barrio’S Operation Fightback and then Affect Group.
On the tax block, there was one new building construction project filed totaling 18,711 square feet. It is a 24-unit, 18,711 square-foot residential (R-2) building submitted by Bernard Mcnamee with plans filed December 17, 2021 and permitted December 11, 2023.
The majority, or 82 percent of the 516,164 square feet of built space are elevator buildings, with specialty buildings next occupying 15 percent of the space.
The borrower
The PincusCo database currently indicates that ABJ Properties owned at least 87 commercial properties with 1,005 residential units in New York City with 950,883 square feet and a city-determined market value of $141.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 950,883 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 46 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.
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