APF signs $177.4M refi with LoanCore for office in Park Avenue South

APF Properties through the entity 183 Madison Owner Apf Lp as borrower signed a refi loan with lender LoanCore Capital through the entity Lcc Ss Trs Holdco LLC valued at $177.4 million for the office building (O6) at 183 Madison Avenue in Park Avenue South, Manhattan.
The deal closed on January 8, 2025 and was recorded on January 10, 2025. The prior lender was LoanCore Capital which held debt that had an original loan amount of $182 million. The property has 233,484 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $759 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 owner bought the property on August 29, 2018, for $219.9 million. The signatory for APF Properties was Berndt Perl. The signatory for LoanCore Capital was Paul Stepan.

The property

The office building in Park Avenue South has 233,484 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 153 feet deep with a total lot size of 12,610 square feet. The lot is irregular. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $71.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five DOB violations and $1,690 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 neighborhood

In Park Avenue South, The majority, or 67 percent of the 9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 16 percent of the space. In sales, Park Avenue South has 3 times the average sales volume among other neighborhoods with $781.6 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Park Avenue South has had very little major development activity relative to other neighborhoods.It had 442,217 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 1,161,958 square feet of the 1,949,099 square feet. The largest owner is Prudential Financial, followed by Feil Organization and then APF Properties.
On the tax block, there was one new building construction project filed totaling 67,003 square feet. It is a 82-unit, 67,003 square-foot residential (R-2) building submitted by Pi Capital Partners and filed by James Pi with plans filed July 26, 2019.

The majority, or 74 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that APF Properties owned at least four commercial properties in New York City with 692,938 square feet and a city-determined market value of $255.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

Direct link to Acris document. link