Coltown Properties signs $48M refi loan with Berkadia for rental in Harlem

Coltown Properties through the entity 410 St Nicholas Property LLC as borrower signed a refi loan with lender Berkadia through the entity Berkadia Commercial Mortgage LLC valued at $48 million for the 311-unit rental (D7) at 410 St Nicholas Avenue in Harlem, Manhattan.
The deal closed on October 26, 2021 and was recorded on November 9, 2021.
The property has 336,334 square feet of built space and 56,082 square feet of additional air rights for a total buildable of 392,576 square feet according to PincusCo analysis of city data. The loan price per built square foot is $142 and the price per buildable square foot is $122 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 December 15, 2016, for $67.5 million.
The signatory for Coltown Properties was Steven Neuman.
Over the past five years, there have been 4 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 $80,000. Those filings sought to increase the number of residential units by 5 to 47. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $154,300. One of the projects were to change the building from a J-2 to a R-2and change the number of residential units from 42 to 47 and were permitted on March 21, 2019.
The owner according to the Department of Housing Preservation and Development is Elizabeth Rivera, head officer. The business entity is 410 St Nicholas Property Llc.

Within a 400-foot radius of 410 St Nicholas Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit with a total initial cost of $262,140.0 and two initial temporary certificate of occupancy issuances for projects that initially costed $1.1 million. The most recent of these three items was the permit on May 21, 2021 for a 4,193-square-foot R-2 building with seven residential units at 255 West 131st Street.

Direct link to Acris document. link