Aulder Capital signs $11.9M refi with Stormfield Capital for 23-unit rental on UWS
Aulder Capital through the entity 2647 Broadway Apts LLC as borrower signed a refi loan with lender Stormfield Capital through the entity Stormfield Capital Funding I, LLC valued at $11.9 million for the 23-unit residential elevator building (D7) at 2647-2649 Broadway in Upper West Side, Manhattan.
The deal closed on September 21, 2023 and was recorded on October 3, 2023. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $11.5 million.
The property has 32,900 square feet of built space and 12,237 square feet of additional air rights for a total buildable of 45,112 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $361 and the price per buildable square foot is $263 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 February 28, 2022, for $15.5 million. The signatory for Aulder Capital was John Reid. The signatory for Stormfield Capital was Joshua Knoll.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Jonah Bamberger, head officer and Lisamarie Alexander, agent. The business entity is 2647 Broadway Apts Llc. The 32,900-square-foot property generated revenue of $1.2 million or $38 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 23 residential units in Upper West Side has 32,900 square feet of built space and 12,237 square feet of additional air rights for a total buildable of 45,112 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 5,999 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.8 million. The most recent loan totaled $11.5 million and was provided by Emerald Creek Capital on March 2, 2022.
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, $1.8 million in ECB penalties, 85 housing violations, $24,275 in OATH penalties, and one housing litigation in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on April 7, 2016. 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 this tax block, PincusCo has identified the owners of nine of the 16 commercial properties representing 611,776 square feet of the 716,629 square feet. The largest owner is Tony Eng, followed by Silber Investment Properties and then New York City Housing Authority.
There are no active new building construction projects on this tax block.
The majority, or 81 percent of the 716,629 square feet of built space are elevator buildings, with industrial buildings next occupying 6 percent of the space.
The borrower
The PincusCo database currently indicates that Aulder Capital owned at least four commercial properties with 132 residential units in New York City with 83,722 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) The portfolio has $94 million in debt, with top three lenders as High End Hospitality Corp., Principal Global Investors, and Greystone & Co. respectively. Within the portfolio, the bulk, or 61 percent of the 83,722 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. They are all located in Manhattan.
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