BLDG Management signs $11.6M refi Bank for retail in Inwood

BLDG Management through the entity BLDG Oceanside LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufactures And Traders Trust Company valued at $11.6 million for the retail building (K2) at 4951 Broadway in Inwood, Manhattan.
The deal closed on July 27, 2023 and was recorded on August 2, 2023. The prior lender was M&T Bank which held debt that had an original loan amount of $14 million.

The property has 30,189 square feet of built space and 4,421 square feet of additional air rights for a total buildable of 34,568 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $385 and the price per buildable square foot is $336 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 BLDG Management was Lloyd Goldman. The signatory for M&T Bank was Hunter Noah.

Prior sales and revenue

The 30,189-square-foot property generated revenue of $2.1 million or $68 per square foot, according to the most recent income and expense figures.

The property

The retail building in Inwood has 30,189 square feet of built space and 4,421 square feet of additional air rights for a total buildable of 34,568 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,049 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.5 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 13, 2015. 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 Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has near average sales volume among other neighborhoods with $337.7 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Inwood has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 303,423 square feet of the 481,532 square feet. The largest owner is Sugar Hill Capital Partners, followed by Rose Property Management and then Pinnacle Group.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 481,532 square feet of built space are elevator buildings, with specialty buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that BLDG Management owned at least 170 commercial properties with 3,885 residential units in New York City with 5,603,690 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 5,603,690 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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