Brazilian investment firm signs $55M refi for two rental properties in Lenox Hill
815 5th Avenue (Credit - Google)
JHSF Participacoes through the entity 815 Fifth Avenue Rental, LLC as borrower signed a refi loan with lender UMB Bank valued at $55 million for two rental properties including the five-unit rental condo at 815 5th Avenue in Lenox Hill, Manhattan and two-unit rental condo at 815 5th Avenue in Lenox Hill, Manhattan.
The deal closed on July 15, 2022 and was recorded on July 29, 2022. The two properties have 25,023 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $2,197 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 JHSF Participacoes was Edna Santiago. The signatory for UMB Bank was Joshua James. JHSF Participacoes is a Brazilian developer.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 815 5th Avenue.
The property
The 815 5th Avenue parcel has a total lot size of 17,850 square feet. The city-designated market value for the property in 2022 is $11.2 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot. On one of the tax lots, there was a condominium project filed with the address 815 Fifth Avenue and the name 815 Fifth Avenue Condominium on August 9, 2017. The principals of the sponsor, EIGHT HUNDRED AND FIFTEEN FIFTH AVENUE, LLC, was Jose Auriemo Neto.
The block
On the tax block of 815 5th Avenue, PincusCo has identified the owners of nine of the 25 commercial properties representing 152,693 square feet of the 483,283 square feet. The largest owner is Leonori Associates, followed by SL Green Realty and then Ronald Perelman. There are no active new building construction projects on this tax block.
The majority, or 33 percent of the 445,602 square feet of built space are hotel buildings, with office buildings next occupying 27 percent of the space.
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