Dantes Partners signs $139.9M acquisition loan with Walker & Dunlop for three residential elevator properties in Manhattan

Dantes Partners as borrower signed an acquisition loan with lender Walker & Dunlop valued at $139.9 million for three residential elevator properties including the 168-unit residential elevator building (D3) at 1901 Amsterdam Avenue in Harlem, Manhattan, 170-unit residential elevator building (D3) at 1941 Amsterdam Avenue in Washington Heights, Manhattan, and 180-unit residential elevator building (D3) at 1970 Amsterdam Avenue in Washington Heights, Manhattan.
The deal closed on January 10, 2023 and was recorded on January 19, 2023. The three properties have 481,120 square feet of built space and 155,165 square feet of additional air rights for a total buildable of 493,652 square feet according to PincusCo analysis of city data. The loan price per built square foot is $290 and the price per buildable square foot is $283 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 Dantes Partners was Omabuwa Binitie. The signatory for Walker & Dunlop was Katy Landolfi. The loan was assigned to Freddie Mac.

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 1901 Amsterdam Avenue.

Prior sales and revenue

The three properties with a total of 481,120 square feet of built space generated revenue of $10.8 million per year or $22 per square foot.

The property

The 1901 Amsterdam Avenue parcel has frontage of 199 feet and is 150 feet deep with a total lot size of 29,975 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received two DOB violations, $5,000 in ECB penalties, eight housing violations, and $5,025 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 $5 million on this tax lot.

The block

On the tax block of 1901 Amsterdam Avenue, PincusCo has identified the owners of six of the 17 commercial properties representing 314,875 square feet of the 485,847 square feet. The largest owner is Shaul Kopelowitz, followed by New York City Housing Authority and then Neil Fink.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 485,847 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

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