Claudio Soifer, Harry Karten obtain $11M condo inventory loan from Lancewood Capital for Gramercy project

Condominium developers Claudio Soifer and Harry Karten through the entity SD Second Avenue Property LLC as borrower signed a refi loan with lender Lancewood Capital valued at $11 million for seven unsold condominium units and three retail units in the 54-unit new development at 250 East 21st Street in Gramercy, Manhattan. Joshua Schuster’s Silverback Development began this project but Claudio Soifer and Harry Karten took it over. Soifer is identified as a sponsor in state records. The condo’s website identifies Urban Development Partners as part of the project development team.
The deal closed on July 21, 2023 and was recorded on July 31, 2023. The prior lender was Sculptor Capital Management which held debt that had an original loan amount of $20.7 million.

The signatory for Claudio Soifer and Harry Karten was Alexander Seligson. The signatory for Lancewood Capital was Tino Martins.

The block

On the tax block of 250 East 21st Street, PincusCo has identified the owners of six of the 14 commercial properties representing 513,692 square feet of the 687,102 square feet. The largest owner is Parkoff Organization, followed by Om Dhiman and then New York Police Department.
On the tax block, there were two new building construction projects totaling 216,473 square feet. The largest is a 67-unit, 119,126 square-foot residential (R-2) building submitted by Matthew Namer with plans filed March 3, 2016 and permitted August 17, 2017. The second largest is a 53-unit, 97,347 square-foot residential (R-2) building submitted by Silverback Development and filed by Jay Jameson with plans filed August 14, 2019 and permitted February 13, 2020.

The majority, or 58 percent of the 687,102 square feet of built space are specialty buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Claudio Soifer owned at least four commercial properties with 160 residential units in New York City with 81,807 square feet and a city-determined market value of $16.4 million. (Market value is typically about 50% of actual value.) The portfolio has $10.5 million in debt, borrowed from Hirshmark Capital. Within the portfolio, the bulk, or 76 percent of the 81,807 square feet of built space are D6 properties, with elevator properties next occupying 24 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Harry Karten owned at least three commercial properties with 160 residential units in New York City with 81,807 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 81,807 square feet of built space are D6 properties, with elevator properties next occupying 24 percent of the space. They are all located in Manhattan.

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