David Edelstein signs $11.7M refi for 67-unit rental in Washington Heights

David Edelstein through the entity F&M Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $11.7 million for the 67-unit residential elevator building (D7) at 801-809 West 181st Street in Washington Heights, Manhattan.
The deal closed on July 31, 2023 and was recorded on August 2, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of $12 million.
The property has 75,240 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $155 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 July 6, 2004, for $270,000. The signatory for David Edelstein was David Edelstein.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Florence Edelstein, head officer and Michael Edelstein, officer. The business entity is F & M Realty Llc. The 75,240-square-foot property generated revenue of $2 million or $26 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 67 residential units in Washington Heights has 75,240 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 156 feet deep with a total lot size of 16,500 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $250 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 this tax block, PincusCo has identified the owners of 17 of the 38 commercial properties representing 1,071,051 square feet of the 1,664,139 square feet. The largest owner is Vincent Garrow, followed by Sugar Hill Capital Partners and then Shahram Mobasser.
On the tax block, there were five new building construction projects totaling 30,591 square feet. The largest is a 21-unit, 18,154 square-foot residential (R-2) building submitted by Yisroel Eckstein with plans filed September 11, 2020 and permitted June 9, 2022. The second largest is a one-unit, 4,554 square-foot residential (R-3) building submitted by Isaac Broyn with plans filed August 25, 2015 and it has not been permitted yet.

The majority, or 77 percent of the 1.7 million square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that David Edelstein owned at least nine commercial properties with 587 residential units in New York City with 620,494 square feet and a city-determined market value of $83 million. (Market value is typically about 50% of actual value.) The portfolio has $87.5 million in debt, borrowed from JPMorgan Chase and New York Community Bank. Within the portfolio, the bulk, or 89 percent of the 620,494 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. They are all located in Manhattan.

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