A&E Real Estate signs $72.6M loan with Mesa West Capital for rental in Upper East Side

A&E Real Estate Holdings through 245 East 80th Street LLC as borrower signed a loan with lender Mesa West Capital through Mwclf Mlrs Spe, LLC valued at $72.6 million for the 110-unit rental (D6) at 1543 2nd Avenue in Upper East Side, Manhattan.
The deal closed on August 18, 2021 and was recorded on September 15, 2021.
The property has 123,524 square feet of built space and 5,958 square feet of additional air rights for a total buildable of 129,540 square feet according to PincusCo analysis of city data. The loan price per built square foot is $588 and the price per buildable square foot is $560 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.)
(122387363)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 109 residential units on November 15, 2017.
The owners according to the Department of Housing Preservation and Development includes Maggie McCormick, head officer and Brian Garland, agent. The business entity is 245 East 80th Street, Llc.
Within a 400-foot radius of 1543 2nd Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Gidi Cohen borrowed $10.8 million from Israel Discount Bank Of New York secured by the 12,711-square-foot industrial (None) on 318 East 81st Street and five other properties on January 27, 2020.

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