AJ Capital Partners through the entity Graduate Roosevelt Island Lessee LLC as borrower signed a loan with lender ACRES Capital’s Acres Loan Origination, LLC valued at $76.5 million for the hotel building (H2) at 22 North Loop Road in Roosevelt Island, Manhattan.
The deal closed on September 30, 2022 and was recorded on October 28, 2022. The property has 142,554 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $536 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 owner bought the property on June 19, 2020, for $87.1 million.
The 22 North Loop Road parcel has frontage of 159 feet and is 166 feet deep with a total lot size of 18,555 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $27.4 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 four DOB violations in the last year.
For the tax lot building, it received its initial certificate of occupancy on October 25, 2017. On the lot, there is one active new building construction project for a 36,309 square-foot B building. The project was developed by Richard Cote with plans filed May 23, 2017 and permitted December 26, 2018.
In Roosevelt Island, the majority, or 58 percent of the 2.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 36 percent of the space. In sales, Roosevelt Island has not had any sales in the last two years. For development, Roosevelt Island has not had any major developments in the last two years.
On this tax block, PincusCo has identified the owners of nine of the 30 commercial properties representing 1,678,690 square feet of the 3,120,569 square feet. The largest owner is Related Companies, followed by L+M Development Partners and then AJ Capital Partners.
On the tax block, there were four new building construction projects totaling 494,691 square feet. The largest is a 365-unit, 268,800 square-foot R-2 building developed by Jamar Adams with plans filed September 4, 2019 and it has not been permitted yet. The second largest is a 188,603 square-foot B building developed by Richard Cote with plans filed December 30, 2014 and permitted April 28, 2015.
The majority, or 58 percent of the 2.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 36 percent of the space.
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