David Grogan signs $16.5M refi for properties in Bronx, Manhattan

David Grogan through the entity 15 E 76 LLC as borrower signed a refi loan with lender KeyBank valued at $16.5 million for three properties with 13 residential units including the four-unit property (C5) at 15 East 76th Street in Lenox Hill, Manhattan, the industrial building (F4) at 1261 Seabury Avenue in Unionport, Bronx, and the nine-unit residential walkup building (C1) at 523B East 85th Street in Yorkville, Manhattan.
The deal closed on July 10, 2023 and was recorded on July 18, 2023. The three properties have 88,567 square feet of built space and 8,598 square feet of additional air rights for a total buildable of 96,895 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $186 and the price per buildable square foot is $170 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 David Grogan was David Grogan. The signatory for KeyBank was Cynthia M. Milioto.

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 15 East 76th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Grogan, individual owner and Matthew Grogan, site manager. Out of the three properties, one with a total of 88,567 square feet of built space generated revenue of $1 million per year.

The property

The property with 4 residential units in Lenox Hill has frontage of 19 feet and is 102 feet deep with a total lot size of 1,940 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $5.6 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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 15 East 76th Street, PincusCo has identified the owners of seven of the 11 commercial properties representing 487,418 square feet of the 530,087 square feet. The largest owner is Wendy L. Funk, followed by RFR Holding and then Matthew Moinian.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 530,087 square feet of built space are hotel buildings, with office buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that David Grogan owned at least one commercial property with four residential units in New York City with 7,310 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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