Alma Realty signs $9.8M refi for two rentals in Upper Manhattan
Alma Realty through the entity Getty Industries LLC as borrower signed a refi loan with lender Customers Bank valued at $9.8 million for two residential elevator properties with 75 residential units including the 50-unit residential elevator building (D7) at 5008 Broadway in Inwood, Manhattan and 25-unit residential elevator building (D7) at 4441 Broadway in Washington Heights, Manhattan.
The deal closed on September 9, 2024 and was recorded on September 20, 2024. The prior lender was Ellis Equities which held debt that had an original loan amount of $5.5 million.The two properties have 69,564 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $140 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 Alma Realty was John Mavroudis. The signatory for Customers Bank was Gregory Fantauzzi.
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 5008 Broadway.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Brian Ritter, head officer and Sebastian Acosta, agent. The business entities are Rose Property Mgmt Grp Llc and 5008 Broadway Llc. The two properties with a total of 69,564 square feet of built space generated revenue of $1.6 million per year or $23 per square foot.
The property
The residential elevator building with 50 residential units in Inwood has 69,564 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 118 feet and is 70 feet deep with a total lot size of 10,175 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.7 million. The property has 39 rent regulated units according to city tax records from 2023.
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 two DOB violations, $6,425 in ECB penalties, 53 housing violations, and $7,825 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 5008 Broadway, PincusCo has identified the owners of six of the eight commercial properties representing 151,802 square feet of the 210,277 square feet. The largest owner is Alma Realty, followed by Prana Investments and then George Huang.
There are no active new building construction projects on this tax block.
The majority, or 77 percent of the 210,277 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.
The borrower
The PincusCo database currently indicates that Alma Realty owned at least 137 commercial properties with 6,044 residential units in New York City with 6,566,880 square feet and a city-determined market value of $657.9 million. (Market value is typically about 50% of actual value.) The portfolio has $629.8 million in debt, with top three lenders as Deutsche Bank, New York Community Bank, and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 70 percent of the 6,566,880 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Queens next at 29 percent of the space.
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