Alexis Baez through the entity 311 Tribeca Property LLC as borrower signed a refi loan with lender Stabilis Capital Management through the entity Stabilis Lending LLC valued at $10.3 million for two properties with 25 residential units including the 21-unit residential walkup building (C7) at 2359 Grand Concourse in Fordham Heights, Bronx and four-unit mixed-use building (S4) at 311 Church Street in Tribeca, Manhattan.
The deal closed on May 10, 2023 and was recorded on June 2, 2023. A prior lender was Nubridge Commercial Lending which held debt that had an original loan amount of $5.8 million.
The two properties have 29,914 square feet of built space and 15,683 square feet of additional air rights for a total buildable of 45,595 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $344 and the price per buildable square foot is $225 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 Alexis Baez was Alexis Baez.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 311 Church Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Alexis Baez, head officer and Nelson Aponte, site manager. The business entity is 311 Tribeca Property Llc. Out of the two properties, one with a total of 29,914 square feet of built space generated revenue of $525,140 per year.
The mixed-use building with 4 residential units in Tribeca has 29,914 square feet of built space and 15,683 square feet of additional air rights for a total buildable of 45,595 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,910 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $7.7 million. The most recent loan totaled $5.8 million and was provided by NuBridge on October 20, 2021.
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 $625 in ECB penalties, 21 housing violations, and $1,775 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.8 times the average sales volume among other neighborhoods with $653 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.
On the tax block of 311 Church Street, PincusCo has identified the owners of four of the 19 commercial properties representing 41,818 square feet of the 437,772 square feet. The largest owner is Mitchell Schwartz, followed by Firebird Grove and then Eden Capital.
There are no active new building construction projects on this tax block.
The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.
The PincusCo database currently indicates that Alexis Baez owned at least two commercial properties with 25 residential units in New York City with 29,914 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 29,914 square feet of built space are walkup properties, with mixed-use properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Bronx, with Manhattan next at 29 percent of the space.
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