Cayre Equities through the entity CS 122 West 146th Street LLC as borrower signed a refi loan with lender TD Bank valued at $25.5 million for the industrial building (E1) at 122 West 146th Street in Harlem, Manhattan.
The deal closed on April 17, 2023 and was recorded on April 25, 2023. The prior lender was TD Bank which held debt that had an original loan amount of $29.8 million. The property has 113,807 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $224 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 June 11, 2013, for $4.5 million. The signatory for Cayre Equities was Kenneth Cayre. The signatory for TD Bank was Nicholas Perpignan.
The industrial building in Harlem has 113,807 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 280 feet and is 99 feet deep with a total lot size of 27,336 square feet. The lot is irregular. 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.
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.
For the tax lot building, it received its initial certificate of occupancy on December 28, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Harlem, The bulk, or 43 percent of the 81 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $784.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Harlem has 3.8 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 152,872 square feet of the 491,455 square feet. The two identified owners are Israel Twerski and Cayre Equities.
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 PincusCo database currently indicates that Cayre Equities owned at least eight commercial properties in New York City with 381,033 square feet. The portfolio has $106.7 million in debt, with top three lenders as Bank Hapoalim, Santander Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 84 percent of the 381,033 square feet of built space are industrial properties, with specialty properties next occupying 13 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.
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