Abramson Brothers signs $8.8M refi with JPMorgan Chase for office in Midtown West

Abramson Brothers through the entity Federation LLC as borrower signed a refi loan with lender JPMorgan Chase through the entity valued at $8.8 million for the office building (O6) at 71 West 47th Street in Midtown West, Manhattan.
The deal closed on November 30, 2022 and was recorded on December 5, 2022. The prior lender was 2013-LC11 which held debt that had an original loan amount of $7.5 million. The property has 79,827 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $110 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 Abramson Brothers was Alan B. Abramson. The signatory for JPMorgan Chase was Ursula Flores.

The property

The 71 West 47th Street parcel has frontage of 63 feet and is 100 feet deep with a total lot size of 6,359 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $2,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Midtown West, the majority, or 73 percent of the 77.7 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 12.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 36 commercial properties representing 879,471 square feet of the 1,879,636 square feet. The largest owner is Stawski Partners, followed by Jack Elo and then SL Green Realty.
On the tax block, there were two new building construction projects totaling 227,777 square feet. The largest is a 534-unit, 168,897-square-foot R-1 building developed by David Rothstein with plans filed November 20, 2020 and permitted October 6, 2021. The second largest is a N/A-unit, 58,880-square-foot M building developed by Michael Mcmenamin with plans filed June 1, 2016 and it has not been permitted yet.

The majority, or 91 percent of the 1.9 million square feet of built space are office buildings, with mixed-use buildings next occupying 5 percent of the space.

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