Cedarbridge Management signs $10.8M loan for 4 Manhattan properties acquired from Sugar Hill

Moshe Greenzweig’s Cedarbridge Management through the entity 376 Tyhum LLC (and others) as borrower signed an acquisition loan with lender Signature Bank valued at $10.8 million for four recently acquired properties including the 42-unit residential elevator building (D1) at 638 West 160th Street in Washington Heights, Manhattan, 35-unit residential elevator building (D1) at 617 West 143rd Street in Harlem, Manhattan, and 18-unit residential walkup building (C1) at 510 West 146th Street in Harlem, Manhattan.

Moshe Greenzweig’s Cedarbridge Management has closed on 19 transactions totaling $105.6 million over the past two years, according to PincusCo data.
The deal closed on January 31, 2023 and was recorded on February 7, 2023. The four properties have 102,243 square feet of built space and 28,525 square feet of additional air rights for a total buildable of 128,838 square feet according to PincusCo analysis of city data. The loan price per built square foot is $105 and the price per buildable square foot is $83 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 Cedarbridge Management was Moshe Greenzweig. The signatory for Signature Bank was Polykarpos Kotronis.
Cedarbridge purchased the four buildings from multifamily owner Sugar Hill Capital Partners.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 617 West 143rd St.

Prior sales and revenue

The four properties with a total of 102,243 square feet of built space generated revenue of $2 million per year or $19 per square foot.

The property

The 617 West 143rd Street parcel has frontage of 75 feet and is 99 feet deep with a total lot size of 7,500 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 million.The most recent loan totaled $16.8 million and was provided by Signature Bank on October 29, 2021.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $16.8 million commercial foreclosure concerning a loan filed on November 18, 2022, by Signature Bank against Sugar Hill Capital Partners. In addition, according to city public data, the properties have received two DOB violations, $8,750 in ECB penalties, 271 housing violations, $11,380 in OATH penalties, and four housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 617 West 143rd St, PincusCo has identified the owners of three of the five commercial properties representing 164,020 square feet of the 247,384 square feet. The two identified owners are Sugar Hill Capital Partners and Stellar Management.
there are no active new building construction projects on this tax block.

All properties are elevator.

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