Centurion Real Estate signs $170M condo loan with Macquarie for unsold units in UWS

Centurion Real Estate Partners through the entity 200 West 72nd Owner, LLC as borrower signed a refi loan with lender Macquarie Group through the entity Macquarie Pf Inc. valued at $170 million for 58 unsold condominium units in a building with a total of 196 residential units at 212 West 72nd Street in Upper West Side, Manhattan.
The deal closed on January 10, 2024 and was recorded on January 29, 2024. The prior lender was KKR & Co. which held debt that had remaining amount of $132 million.
The 58 properties have 157,952 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,076 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 Centurion Real Estate Partners was Robert E. Schlesinger. The signatory for Macquarie Group was Thomas Dore and Courtney Mitchell. The refinancing adds a $38.8 million gap loan to outstanding debt of $131.7 million. The Commercial Observer reported on the 2019 financing.

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 212 West 72nd Street.

The property

The rental condo with 196 residential units in Upper West Side has 157,952 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 157,952 square feet. The property had a 421a exemption that started in 2012 and expired in 2022. The city-designated market value for the property in 2022 is $78 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The block

On the tax block of 212 West 72nd Street, PincusCo has identified the owners of nine of the 23 commercial properties representing 180,675 square feet of the 397,218 square feet. The largest owner is Peak Capital Advisors, followed by Oren Neria and then Marc Wigder.
On the tax block, there were two new building construction projects totaling 35,764 square feet. The largest is a 19-unit, 30,504 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed December 7, 2017 and permitted August 6, 2019. The second largest is a two-unit, 5,260 square-foot residential (R-3) building submitted by Mary Margaret Chan with plans filed November 19, 2020 and it has not been permitted yet.

The majority, or 64 percent of the 397,218 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

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