Carter Management signs $19M refi with Raith Capital for 3 properties in Manhattan

Carter Management through the entity Delancey Norfolk LLC as borrower signed a refi loan with lender Raith Capital Partners through the entity Raith Capital Partners, LLC valued at $19 million for three properties including the industrial building at 148 East 33rd Street in Kips Bay, Manhattan, office building at 126 Delancey Street in Lower East Side, Manhattan, and property at 103 Norfolk Street in Lower East Side, Manhattan.
The deal closed on December 21, 2021 and was recorded on January 27, 2022. The prior lender was Ellington Management Group which held debt that had an original loan amount of $12.4 million.
Carter bought 148 East 33rd Street for $11 million from Forkosh Development Group on December 21, 2021.
The three properties have 53,275 square feet of built space and 23,103 square feet of additional air rights for a total buildable of 69,842 square feet according to PincusCo analysis of city data. The loan price per built square foot is $356 and the price per buildable square foot is $272 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 Carter Management was Jason Carter. The signatory for Raith Capital Partners was Michael Suchy.
Out of the three properties, two with a total of 53,275 square feet of built space generated revenue of $2.8 million per year.

(121504586)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 17, 2014.
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 47 percent of the 1 million square feet of built space are mixed-use buildings, with residential elevator buildings next occupying 22 percent of the space.
Within a 400-foot radius of 148 East 33rd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $97.6 million. The most recent of the four was Meyer Equities which borrowed $37 million from JPMorgan Chase secured by the 101,283-square-foot, five-unit office building (O3) on 145 East 32nd Street on August 9, 2021.

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