Cayre Equities signs $22.3M refi with Voya for storage in Harlem

Cayre Equities through the entity Cs 119 West 145th Street LLC as borrower signed a refi loan with lender Voya Financial through the entity Voya Investment Management LLC valued at $22.3 million for the industrial building (E7) at 119 West 145th Street in Harlem, Manhattan.
The deal closed on April 3, 2025 and was recorded on April 7, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $24 million. The property has 98,800 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $225 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 April 26, 2018, for $10.5 million. The signatory for Cayre Equities was Kenneth Cayre. The signatory for Voya Financial was Jason Tessler.

The property

The industrial building in Harlem has 98,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 99 feet deep with a total lot size of 17,486 square feet. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $15.3 million. The most recent loan totaled $24 million and was provided by Santander Bank on January 22, 2020.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 12, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.9 times the average sales volume among other neighborhoods with $786.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Harlem has 2.7 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3 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.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 302,879 square feet of the 491,455 square feet. The two identified owners are Cayre Equities and Isaac Herskovitz.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 491,455 square feet of built space are industrial buildings, with walkup buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Cayre Equities owned at least 12 commercial properties in New York City with 749,073 square feet and a city-determined market value of $102.3 million. (Market value is typically about 50% of actual value.) The portfolio has $197.9 million in debt, with top three lenders as Bank Hapoalim, Santander Bank, and TD Bank respectively. Within the portfolio, the bulk, or 87 percent of the 749,073 square feet of built space are industrial properties, with specialty properties next occupying 7 percent of the space. The bulk, or 47 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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