Belveron, Hudson Valley, sell $16.4M stake in East Harlem affordable

Belveron Partners and Hudson Valley Property Group sold a 95 percent stake valued at $16.4 million in the East Harlem affordable development Los Tres Unidos.
An affiliate of Nuevo El barrio para la Rehabilitacion de la Vivienda y la Economia, Inc., known as Nerve Inc., through the entity Nerve Los Tres Housing Development Fund Corp acquired a 71.25 percent interest from Belveron Partners through the entity Los Tres Affordable, LLC valued at $12.3 million at the 135-unit rental (D1) at 1680 Madison Avenue in East Harlem, Manhattan.

At the same time, a Nerve Inc. affiliate through the entity Nerve Los Tres Housing Development Fund Corp acquired a 23.75 percent interest from Hudson Valley Property Group through the entity Hvpf Ltu LLC valued at $4.1 million.

Nerve partnered with Belveron, Hudson Valley and NCV Capital to rehabilitate 135 units of affordable housing in 2018, according to an NCV media release at the time.

The deal closed on November 16, 2021 and was recorded on November 24, 2021.
The property has 130,000 square feet of built space and 57,218 square feet of additional air rights for a total buildable of 187,459 square feet according to PincusCo analysis of city data. The sale price per built square foot is $94 and the price per buildable square foot is $65 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 investors bought the property on January 22, 2018, for $57 million.
That senior debt was increased to $55.5 million given in 2020.

The owners according to the Department of Housing Preservation and Development includes Jason Bordainick, head officer and Daniel Durante, agent. The business entities are R.Y. Management Co., Inc. and Nerve Los Tres Preservation Llc.

Within a 400-foot radius of 1680 Madison Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on March 10, 2021 for a 12,730-square-foot R-2 building with 14 residential units at 1661 Madison Avenue.
Of those five items, three were loans above $5 million totaling $190.7 million. The most recent of the three was L+M Development Partners which borrowed $173.5 million from New York City Housing Development Corporation secured by the 0-square-foot nan (QG) on MADISON Avenue on July 12, 2021.

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