Angelo Gordon signs $30.5M loan for two residential elevator properties in Fordham Heights
Angelo Gordon through the entity Ag-Spaxel 2065 Property Owner, L.L.C. as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $30.5 million for two residential elevator properties including the 66-unit residential elevator building (D1) at 2067 Ryer Avenue in Fordham Heights, Bronx and 66-unit residential elevator building (D1) at 2065 Ryer Avenue in Fordham Heights, Bronx.
The deal closed on November 21, 2022 and was recorded on November 29, 2022. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $21.3 million. The two properties have 90,963 square feet of built space and 2,801 square feet of additional air rights for a total buildable of 93,695 square feet according to PincusCo analysis of city data. The loan price per built square foot is $335 and the price per buildable square foot is $325 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 Angelo Gordon was Doug Profenius. The signatory for Metropolitan Commercial Bank was Ross Dahmen and Jay Shah.
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 2067 Ryer Avenue.
The property
The 2067 Ryer Avenue parcel has frontage of 61 feet and is 126 feet deep with a total lot size of 7,784 square feet. The lot is irregular. 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 $2.2 million.The most recent loan totaled $21.3 million and was provided by Metropolitan Commercial Bank on July 17, 2020.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received two housing violations and $430 in OATH penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 89,857 square feet. The largest is a new building project for a 66-unit, 45,894 square-foot R-2 building developed by Glen Palilla with plans filed October 12, 2017 and permitted July 17, 2019. The second largest is a new building project for a 66-unit, 43,963 square-foot R-2 building developed by Glenn Paililla with plans filed October 12, 2017 and permitted December 3, 2019.
The block
On the tax block of 2067 Ryer Avenue, PincusCo has identified the owners of 17 of the 34 commercial properties representing 877,037 square feet of the 1,077,297 square feet. The largest owner is Acmh, followed by Ved Parkash and then L+M Development Partners.
On the tax block, there were 14 new building construction projects totaling 602,560 square feet. The largest is a 111-unit, 75,672-square-foot R-2 building developed by Arben Mitaj with plans filed September 29, 2020 and permitted October 20, 2021. The second largest is a 102-unit, 67,673-square-foot R-2 building developed by Gzim Hasandjekic with plans filed March 5, 2020 and permitted June 3, 2022.
The majority, or 72 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.
The borrower
The PincusCo database currently indicates that Angelo Gordon owned at least seven commercial properties in New York City with 808,195 square feet and a city-determined market value of $203.1 million. (Market value is typically about 50% of actual value.) The portfolio has $78.2 million in debt, with top three lenders as Ladder Capital, Metropolitan Commercial Bank, and Sterling National Bank respectively. Within the portfolio, the bulk, or 77 percent of the 808,195 square feet of built space are office properties, with elevator properties next occupying 14 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
Direct link to Acris document. link