Coutinho Properties signs $13.1M refi for two rentals in Manhattan

Coutinho Properties through the entity Claremont Properties LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $13.1 million for two properties with 58 residential units including the 36-unit residential elevator building (D7) at 180 Claremont Avenue in Morningside Heights, Manhattan and 22-unit residential walkup building (C7) at 317 East 75th Street in Lenox Hill, Manhattan.
The deal closed on July 31, 2023 and was recorded on August 22, 2023. The prior lender was Santander Bank which held debt that had an original loan amount of $12.7 million.

The two properties have 55,727 square feet of built space and 15,598 square feet of additional air rights for a total buildable of 70,409 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $235 and the price per buildable square foot is $186 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 Coutinho Properties was Charles G. V. Coutinho. The signatory for JPMorgan Chase was Ursula Flores.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 180 Claremont Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Charles Coutinho, Phd, head officer and Maria Coutinho, officer. The business entities are Charles Coutinho, Llc and Claremont Properties, Llc.

The property

The residential elevator building with 36 residential units in Morningside Heights has 55,727 square feet of built space and 15,598 square feet of additional air rights for a total buildable of 70,409 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 24 housing violations and $300 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 180 Claremont Avenue, PincusCo has identified the owners of 19 of the 26 commercial properties representing 427,694 square feet of the 893,698 square feet. The largest owner is Skylight Real Estate Partners, followed by Monarch Realty Holdings and then Michael Aryeh.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 893,698 square feet of built space are specialty buildings, with walkup buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Coutinho Properties owned at least two commercial properties with 49 residential units in New York City with 43,344 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $7.5 million in debt, borrowed from First Republic Bank. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.

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