Caiola Family refis $16.7M with JPMorgan Chase, adding to $96M already recorded

The Caiola Family signed two loans for a total of $16.7 million with lender JPMorgan Chase in two separate transactions, adding to $96 million in loans with the bank that have already been recorded this month.

In the first of the two new transactions, the Caiola Family through the entity 3GR/228 LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $10.4 million for the 55-unit residential elevator building at 230 East 85th Street in Yorkville, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 18, 2022. The prior lender was Fannie Mae which held debt that had an original loan amount of $5.2 million.
The property has 50,853 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $204 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 Caiola Family was Rosemarie Caiola-Musacchia. The signatory for JPMorgan Chase was Ursula Flores.
The 50,853-square-foot property generated revenue of $2.1 million or $42 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the number of residential units from 0 to 55.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 43 percent of the 490,850 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 37 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Rose Caiola, head officer and Benny Caiola, officer. The business entities are Bettina Equities Management Llc and 3gr/228 Llc.
Within a 400-foot radius of 230 East 85th Street, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
One of those nine items was a sale which 220 East 86Th Street Lp bought the 38,590-square-foot, 48-unit rental (D6) on 220 East 86th Street for $14 million from Bremen House Inc. on January 21, 2021.
Of those nine items, eight were loans above $5 million totaling $505.9 million. The most recent of the eight was Caiola Family which borrowed $17.2 million from JPMorgan Chase secured by the 81,100-square-foot, 111-unit rental (D7) on 228 East 86th Street on February 11, 2022.

Direct link to Acris document. link

In the second transaction, the Caiola Family through the entity 3gr/151 LLC as borrower signed a refi loan with lender JPMorgan Chase through the entity Jpmorgan Chase Bank Na valued at $6.3 million for the 53-unit residential elevator building at 151 Lexington Avenue in Kips Bay, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 18, 2022. The prior lender was Fannie Mae which held debt that had an original loan amount of $5.6 million.
The property has 28,240 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $223 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 the Caiola Family was Rosemarie Caiola-Musacchia. The signatory for JPMorgan Chase was Ursula Flores.
The 28,240-square-foot property generated revenue of $1.7 million or $61 per square foot, according to the most recent income and expense figures.

In Kips Bay, the majority, or 56 percent of the 26.9 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Kips Bay has 2.5 times the average sales volume among other neighborhoods with $688.3 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Kips Bay has had very little major development activity relative to other neighborhoods.It had 624,586 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 61 percent of the 873,121 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 11 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Rose Caiola, head officer and Benny Caiola, officer. The business entities are Bettina Equities Management Llc and 3gr/151 Llc.
Within a 400-foot radius of 151 Lexington Avenue, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were sales above $5 million totaling $47.9 million. The most recent of the three was Slate Property Group which bought the 51,953-square-foot, 134-unit hotel (H3) on 161 Lexington Avenue for $29.9 million from Apple Core Hotels on January 19, 2022.
Of those 10 items, seven were loans above $5 million totaling $160 million. The most recent of the seven was Slate Property Group which borrowed $25 million from BCTH Investors secured by the 51,953-square-foot, 134-unit hotel (H3) on 161 Lexington Avenue on January 19, 2022.

Direct link to Acris document. link