BLDG Management signs $35M refi with Bank Hapoalim for elevator building in Alphabet City

BLDG Management through the entity 350 East Houston LLC as borrower signed a refi loan with lender Bank Hapoalim valued at $35 million for the 45-unit residential elevator building at 11 Avenue C in Alphabet City, Manhattan.
The deal closed on December 29, 2021 and was recorded on January 11, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $30 million.
The property has 49,974 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $700 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 September 6, 2012, for $7 million.
The signatory for BLDG Management was Lloyd Goldman.
(121185092)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 45 residential units on March 15, 2021. (121185092) Plans for a 45-unit, 42,238 square-foot R-2 were filed on March 14, 2014 and were permitted on June 12, 2018.
In Alphabet City, the majority, or 52 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Alphabet City has had very little sales volume relative to neighborhoods in the city with $113.8 million in sales volume in the last two years. For development, Alphabet City has had very little major development activity relative to other neighborhoods. It had 185,104 square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 58 percent of the 170,018 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 29 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Lloyd Goldman, head officer and Ivan Hakimian, officer. The business entities are Bldg Managment Co., Inc and 350 East Houston Llc.

Within a 400-foot radius of 11 Avenue C, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on May 8, 2020 for a 65,696-square-foot R-2 building with 75 residential units at 270 East 2nd Street.
Of those five items, four were loans above $5 million totaling $96.5 million. The most recent of the four was Stellar Management which borrowed $13.6 million from New York Community Bank secured by the 35,045-square-foot, 56-unit rental (D1) on 155 Ridge Street and two other properties on January 7, 2022.

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