Casabe II HDFC signs $21.6M refi for 125-unit apartment building in East Harlem

Casabe II Housing Development Fund Company through the entity Casabe Houses Associates LLC as borrower signed a refi loan with lender Merchants Capital through the entity Merchants Capital Corp. valued at $21.6 million for the 125-unit residential elevator building (D1) at 150 East 121st Street in East Harlem, Manhattan.
The deal closed on October 8, 2024 and was recorded on October 11, 2024. The property has 117,118 square feet of built space and 5,853 square feet of additional air rights for a total buildable of 122,913 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $184 and the price per buildable square foot is $175 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 December 27, 2006, for $11.1 million. The signatory for Casabe II Housing Development Fund Company was Frank Quiles. The signatory for Merchants Capital was Bianc Geary. Merchants Capital assigned the loan to Fannie Mae.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Sheldon Fox, head officer and Frank Quiles, officer. The business entities are Foxy Management Ltd and Casabe Houses Associates Llc.

The property

The residential elevator building with 125 residential units in East Harlem has 117,118 square feet of built space and 5,853 square feet of additional air rights for a total buildable of 122,913 square feet according to a PincusCo analysis of city data. The parcel has frontage of 145 feet and is 201 feet deep with a total lot size of 29,265 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11 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 $1,000 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 three of the seven commercial properties representing 315,055 square feet of the 380,823 square feet. The largest owner is New York City Housing Authority, followed by Foxy Management and then City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 380,823 square feet of built space are elevator buildings, with specialty buildings next occupying 11 percent of the space.

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