Brodsky Organization signs $19M refi for 312-unit building in Turtle Bay
Brodsky Organization through the entity Beaux Arts II LLC as borrower signed a refi loan with lender Bank of New York Mellon valued at $19 million for the 312-unit residential elevator building (D6) at 307-317 East 44th Street in Turtle Bay, Manhattan.
The deal closed on May 22, 2024 and was recorded on May 28, 2024. The prior lender was M&T Bank which held debt that had an original loan amount of $14 million.
The property has 186,255 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $102 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 Brodsky Organization was J. Dean Amro. The signatory for Bank of New York Mellon was Kamal Yagubov.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Richard Mason, head officer and Alberto Rodriguez, site manager. The business entities are Urban Associates Llc and Beaux Arts II Llc.
The property
The residential elevator building with 312 residential units in Turtle Bay has 186,255 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 158 feet and is 100 feet deep with a total lot size of 15,864 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $37.4 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 received one DOB violation, $1,280 in ECB penalties, and $3,780 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 189,855 square feet of the 1,337,242 square feet. The two identified owners are Kanamori America and Brodsky Organization.
On the tax block, there were two new building construction projects totaling 187,330 square feet. The largest is a 96,501 square-foot mercantile (M) building submitted by Joseph Stavrach with plans filed August 26, 2015 and it has not been permitted yet. The second largest is a 44-unit, 90,829 square-foot residential (R-2) building submitted by Joseph Stavrach with plans filed February 11, 2015 and it has not been permitted yet.
The majority, or 69 percent of the 1.3 million square feet of built space are office buildings, with specialty buildings next occupying 14 percent of the space.
The borrower
The PincusCo database currently indicates that Brodsky Organization owned at least 43 commercial properties with 5,920 residential units in New York City with 5,824,465 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $760.1 million in debt, with top three lenders as M&T Bank, AXA Equitable, and Bank of New York Mellon respectively. Within the portfolio, the bulk, or 93 percent of the 5,824,465 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.
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