Charter school signs $49.7M construction loan with Goldman Sachs for 69K sf development in East Harlem
2017 First Avenue (Credit - Google)
East Harlem Scholars Academy Charter School as borrower signed a new construction loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $49.7 million for the development building (V1) at 2017 First Avenue in East Harlem, Manhattan.
The deal closed on August 26, 2022 and was recorded on September 22, 2022.
The owner bought the property on August 30, 2018, for $15.2 million. The signatory for East Harlem Scholars Academy Charter School was Jeffrey Ginsburg.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
On these lots, there is one active new building construction project for a 69,139-square-foot E building. The project was developed by Jeff Ginsburg with plans filed April 23, 2020 and permitted March 18, 2021.
The neighborhood
In East Harlem, the majority, or 51 percent of the 51.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.8 times the average sales volume among other neighborhoods with $619.6 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, East Harlem has 4.1 times the average amount of major developments relative to other neighborhoods and is the 4th 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 8 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of eight of the 28 commercial properties representing 90,946 square feet of the 228,485 square feet. The largest owner is L+M Development Partners, followed by Charles Giovanni Vanzan Coutinho and then Joaquim Pedras.
There is one active new building construction project totaling 69,139 square feet. It is a N/A-unit, 69,139-square-foot E building developed by Jeff Ginsburg with plans filed April 23, 2020 and permitted March 18, 2021.
the majority, or 35 percent of the 228,485 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.
Direct link to Acris document. link