Brusco Group signs $5.2M refi for 42-unit walkup in Hell’s Kitchen
338 West 47th Street (Credit - Google)
Brusco Group through the entity W47 Realty as borrower signed a refi loan with lender JPMorgan Chase valued at $5.2 million for the 42-unit residential walkup building (C4) at 338 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on June 9, 2022 and was recorded on August 9, 2022. The prior lender was JPMorgan Chase with a loan of $5.1 million. The property has 21,388 square feet of built space and 10,644 square feet of additional air rights for a total buildable of 32,038 square feet according to PincusCo analysis of city data. The loan price per built square foot is $243 and the price per buildable square foot is $162 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 July 27, 2011, for $7.2 million. The signatory for Brusco Group was John D. Brusco. The signatory for JPMorgan Chase was Jennifer Smith.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes John Brusco, head officer and Zacarias Vazquez, agent. The business entity is W 47 Realty,Llc. The 21,388-square-foot property generated revenue of $907,970 or $42 per square foot, according to the most recent income and expense figures.
The property
The 338 West 47th Street parcel has frontage of 53 feet and is 100 feet deep with a total lot size of 5,322 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.4 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $455 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 $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 17 of the 52 commercial properties representing 175,252 square feet of the 744,988 square feet. The largest owner is Leeds Associates, followed by Brusco Group and then Julian Romano.
There are no active new building construction projects on this tax block.
The majority, or 48 percent of the 719,316 square feet of built space are hotel buildings, with walkup buildings next occupying 32 percent of the space.
The borrower
The PincusCo database currently indicates that Brusco Group owned at least 144 commercial properties in New York City with 1,304,822 square feet and a city-determined market value of $523.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 79 percent of the 1,304,822 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. They are all located in Manhattan.
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