Caiola Family signs $15.7M refi loan with JPMorgan Chase for 96-unit elevator building in Carnegie Hill

The Caiola Family through the entity 171 Beta I LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $15.7 million for the 96-unit residential elevator building at 171 East 89th Street in Carnegie Hill, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 7, 2022. The prior lender was Fannie Mae which held debt that had an original loan amount of $11.4 million.
The property has 81,837 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $191 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 Foundation was Rosemarie Caiola-Musacchia. The signatory for JPMorgan Chase was Ursula Flores.
The 81,837-square-foot property generated revenue of $3.4 million or $41 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $645,000.
Rosemarie Caiola-Musacchia is secretary/treasurer of the Caiola Family Foundation located at the same address as owner LLC.
In Carnegie Hill, the majority, or 76 percent of the 38.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 9 percent of the space. In sales, Carnegie Hill has 3 times the average sales volume among other neighborhoods with $817.3 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 709,333 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. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 81 percent of the 1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 14 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 171 Beta I Llc.
Within a 400-foot radius of 171 East 89th Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 24, 2020 for the $844,000 renovation of 0-square-foot R-3 building with one residential units at 156 East 89th Street.
One of those seven items was a sale which Vincent Ventura bought the 38,500-square-foot, 43-unit rental (D3) on 151 East 90th Street for $15 million from Vadim Dorfman on June 15, 2021.
Of those seven items, five were loans above $5 million totaling $93.8 million. The most recent of the five was David Simhaee which borrowed $5.1 million from Signature Bank secured by the 7,028-square-foot, 18-unit rental (C7) on 1596 3rd Avenue and one other property on January 25, 2021.

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