CBSK Ironstate, Arel Capital sign $70M senior mortgage loan with Madison Realty for condop in Carnegie Hill

CBSK Ironstate and Arel Capital through the entity 1228 Madison Development Lessee LLC as borrower signed a senior mortgage loan with lender Madison Realty Capital through the entity 1228 Madison 1 LLC valued at $70 million for the 13-unit condop at 1228 Madison Avenue in Carnegie Hill, Manhattan. The entire loan amount was $100 million, The Real Deal reported this month.
The deal closed on August 3, 2021 and was recorded on August 24, 2021.
The property has 55,746 square feet of built space and 506 square feet of additional air rights for a total buildable of 56,250 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,255 and the price per buildable square foot is $1,244 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.)

There was a condominium project filed with the address 1228 Madison Avenue and the name 1228 Madison Owners Corp. on September 27, 2019. The principals of the sponsor, 1228 Madison Development Lessee Llc, were Scott Shnay, Charles Blaichman, Abram Shnay, Richard Leibovich, and Gabriel Bousbib. link

Direct link to Acris document. link