Alonzo Properties signs $6.5M loan with Hirshmark Capital for two mixed-use properties in Manhattan

The Alonzo family’s Alonzo Properties NYC through the entity 428 East 75 St. NY LLC as borrower signed an initial loan with lender Hirshmark Capital through the entity E75 Street 10th Ave Funding LLC valued at $6.5 million for two mixed-use properties including the midblock mixed-use building at 428-430 East 75th Street in Lenox Hill, Manhattan and midblock four-unit mixed-use building at 607 10th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on March 30, 2022 and was recorded on April 15, 2022. The prior lender was Emigrant Funding which held debt that had an original loan amount of $1.1 million.

The two properties have 10,926 square feet of built space and 11,781 square feet of additional air rights for a total buildable of 22,706 square feet according to PincusCo analysis of city data. The loan price per built square foot is $594 and the price per buildable square foot is $286 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 Alonzo Properties NYC was Natalie Elizabeth Alonzo-Brillant and Rudolf B. Alonzo. Alonzo Properties NYC is based in Manhasset. There are alternate spellings of Brillant as Brialliant and Brilliant in city records related to the Alonzo family.

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 607 10th Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Rudolf Alonzo, joint owner and Russell Alonzo, joint owner.

The property

The 607 10th Avenue parcel has frontage of 52 feet and is 25 feet deep with a total lot size of 1,328 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have received $750 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 $5 million on this tax lot.

The neighborhood

In Hell’s Kitchen, the bulk, or 39 percent of the 45 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Hell’s Kitchen has 3.5 times the average sales volume among other neighborhoods with $972.1 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Hell’s Kitchen has 1.3 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 607 10th Avenue, PincusCo has identified the owners of two of the 17 commercial properties representing 340,973 square feet of the 939,251 square feet. The two identified owners are Moinian Group and StorageMart. There is one active new building construction project totaling 134,939 square feet. It is a 164-unit, 134,939-square-foot R-2 building developed by Aron Kirsch with plans filed July 9, 2015 and permitted March 30, 2017.

the majority, or 51 percent of the 939,251 square feet of built space are residential elevator buildings, with industrial buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 607 10th Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $227.9 million. The most recent of the three was Xinyuan Real Estate which borrowed $90 million from Ares Management secured by the 141,606-square-foot, 83-unit rental (D6) on 615 10th Avenue on January 27, 2021.

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