Chestnut Holdings signs $25.5M refi with Apple Bank for 154-unit elevator building in Murray Hill

Chestnut Holdings through the entity 301 Holdings, LLC as borrower signed a refi loan with lender Apple Bank for Savings valued at $25.5 million for the 154-unit residential elevator building at 310 East 38th Street in Murray Hill, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 10, 2022. The prior lender was Capital One which held debt that had an original loan amount of $24.9 million.
The property has 122,207 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $208 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 Chestnut Holdings was Anthony Simari. The signatory for Apple Bank for Savings was Cynthia Wang.
The 122,207-square-foot property generated revenue of $4.7 million or $39 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $75,500. One of the projects were to change the number of residential units from 0 to 153 and were permitted on November 5, 2009.
In Murray Hill, the majority, or 66 percent of the 15.8 million square feet of built space are residential elevator buildings, with office buildings next occupying 16 percent of the space. In sales, Murray Hill has had very little sales volume relative to other neighborhoods with $89.5 million in sales volume in the last two years. For development, Murray Hill has had very little major development activity relative to other neighborhoods.It had 95,534 square feet of commercial and multi-family construction under development in the last two years, which represents 0.60 percent of the neighborhood’s built space.
On the tax block, the majority, or 93 percent of the 914,123 square feet of built space are residential elevator buildings, with specialty buildings next occupying 5 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Jonathan Wiener, head officer and Ben Rieder, officer. The business entity is 301 Holdings Llc.
Within a 400-foot radius of 310 East 38th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Brause Realty bought the 3,960-square-foot, five-unit mixed-use building (S4) on 733 2nd Avenue for $9 million from Andrea Carrai on December 20, 2021.

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