Blumenfeld Development doubled debt to $32M with lender Invesco for comm condo in East Harlem

Blumenfeld Development Group through the entity BDG Gotham Commercial, LLC as borrower signed a refi loan with lender Invesco through the entity Invesco CMI Investments valued at $32 million for the commercial condominium unit at 158 East 126th Street in East Harlem, Manhattan.
The deal closed on December 30, 2021 and was recorded on February 11, 2022. The prior lender was AIG which held debt that had an original loan amount of $15 million.
The property has 28,104 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,138 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 Blumenfeld Development Group was David J. Kaplan.
(121192388)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 233 residential units on August 31, 2020.
On the tax block, the majority, or 47 percent of the 676,519 square feet of built space are D7 buildings, with office buildings next occupying 34 percent of the space.
Within a 400-foot radius of 158 East 126th Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on April 8, 2020 for a 354,350-square-foot B building at 180 East 125th Street.
Of those four items, three were loans above $5 million totaling $27.6 million. The most recent of the three was Milltwee Housing Development Fund Company which borrowed $5.4 million from Lument secured by the 36,000-square-foot, 40-unit rental (D1) on 2089 Lexington Avenue on April 6, 2021.

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