Ciner Resources signs $18.3M refi with PNC Bank for office building in Midtown East

Ciner Resources through the entity 124 East 55th LLC as borrower signed a refi loan with lender PNC Bank valued at $18.3 million for the office building at 124 East 55th Street in Midtown East, Manhattan.
The deal closed on December 23, 2021 and was recorded on January 12, 2022. The prior lender was Demir-Halk Bank which held debt that had an original loan amount of $17.1 million.
The property has 7,616 square feet of built space and 17,494 square feet of additional air rights for a total buildable of 25,100 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,402 and the price per buildable square foot is $729 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 owner bought the property on November 8, 2018, for $22.9 million.
The signatory for Ciner Resources was Oguz Erkan. The signatory for PNC Bank was Brandon K. Fiddler.
The 7,616-square-foot property generated revenue of $433,911 or $57 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100. One of the projects were to change the building from a COM to a B and were permitted on December 15, 2020.

In Midtown East, the majority, or 77 percent of the 65.7 million square feet of built space are office buildings, with residential elevator buildings next occupying 8 percent of the space. In sales, Midtown East has 4 times the average sales volume in the city with $1.1 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Midtown East has 4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Manhattan. It had 3.6 million square feet of commercial construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block, the majority, or 74 percent of the 1.7 million square feet of built space are office buildings, with residential elevator buildings next occupying 23 percent of the space.

Within a 400-foot radius of 124 East 55th Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, one was in new building development. It was a new building permit issued on November 19, 2020 for a 59,819-square-foot R-2 building with 62 residential units at 115 East 55th Street.
Of those 12 items, four were sales above $5 million totaling $683.4 million. The most recent of the four was Rybak Development which bought the 8,824-square-foot, nine-unit mixed-use building (K2) on 656 Lexington Avenue for $24.4 million from James Biagi on December 22, 2021.
Of those 12 items, seven were loans above $5 million totaling $1.4 billion. The most recent of the seven was L&L Holding Company, BentallGreenOak, and Tokyu Land Corporation which borrowed $467.5 million from Blackstone Group and OtÔøΩÔøΩÔøΩÔøΩÔøΩra Capital secured by the 666,996-square-foot office building (O4) on 425 Park Avenue on January 7, 2022.

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