Alma Realty signs $57.7M refi with New York Community for seven rental buildings in Washington Heights

Alma Realty, through the entity GVS Properties, LLC as borrower signed a refi loan with lender New York Community Bank valued at $57.7 million for seven rentals including the 59-unit rental (D6) at 3851 Broadway in Washington Heights, Manhattan and the 62-unit rental (D7) at 4141 Broadway in Washington Heights, Manhattan.

The deal closed on March 1, 2021 and was recorded on May 5, 2021.
The seven properties have 418,156 square feet of built space and 46,943 square feet of additional air rights for a total buildable of 465,278 square feet according to PincusCo analysis of city data. The loan price per built square foot is $138 and the price per buildable square foot is $124 per the PincusCo analysis.
The signatory for Alma Realty Group was John Mavroudis. The signatory for New York Community Bank was Matthew P. Cullen. John Mavroudis is a executive of Alma Realty.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $329,500. (103239657) One of the projects was to change the building from a RES to a RES and change the number of residential units from 53 to 61 and were permitted on June 22, 2004.

The owners according to the Department of Housing Preservation and Development includes Efstathios Valiotis, head officer and Nick Conway, agent. The business entities are Alma Realty Corp. and GVS Properties LLC.

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