Algin Management obtains $145.6M initial loan with New York Life for new rental in Midtown West

The Ginsberg family’s Algin Management Company through the entity Roseland Development Associates, LLC as borrower signed an initial loan with lender New York Life Insurance Company valued at $145.6 million for the 426-unit rental (D8) at 242 West 53rd Street in Midtown West, Manhattan.
The deal closed on December 2, 2021 and was recorded on December 23, 2021.
The property has 542,276 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $268 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 Algin Management Company was Liane Ginsberg, Laurence Ginsberg, Hilary Feshbach, and Bennet L. Schonfeld.
(121185966)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 426 residential units on January 11, 2019. (121185966) Plans for a 426-unit, 452,896 square-foot R-2 were filed on June 9, 2014 and were permitted on November 23, 2015.
This is entirely new debt. The signatories for Algin (excluding Schonfeld) are the children of company founder Albert Ginsberg.
The owners according to the Department of Housing Preservation and Development includes Laurence Ginsberg, head officer and Liane Ginsberg, officer. The business entities are Algin Management Co., Llc and Roseland Development Associates Llc.

Within a 400-foot radius of 242 West 53rd Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $60 million. The most recent of the two was Allied Partners which borrowed $34 million from Signature Bank secured by the 60,000-square-foot, 19-unit office building (O6) on 254 West 54th Street on March 24, 2021.

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