Dean Palin signs $10.2M refi with JPMorgan Chase for 128-unit rental in Yorkville

Dean Palin through the entity 511 East 80th Street, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $10.2 million for the 128-unit residential elevator building (D6) at 511 East 80th Street in Yorkville, Manhattan.
The deal closed on April 19, 2024 and was recorded on April 22, 2024. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $10 million.The property has 166,686 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $61 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 Dean Palin was Dean Palin. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Palin, head officer and Sachs Investing Company, officer. The business entities are 511 East 80th Street Llc and 511 East 80th Street Llc.

The property

The residential elevator building with 128 residential units in Yorkville has 166,686 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 102 feet deep with a total lot size of 17,884 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $21.5 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 three DOB violations, one housing violation, and $2,000 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 five of the 10 commercial properties representing 142,763 square feet of the 648,961 square feet. The largest owner is Xiao Sheng Li, followed by Rybak Development and then Parkoff Organization.
On the tax block, there were two new building construction projects totaling 60,871 square feet. The largest is a 23-unit, 31,042 square-foot residential (R-2) building submitted by Mitchel Maidman with plans filed August 8, 2017 and it has not been permitted yet. The second largest is a nine-unit, 29,829 square-foot residential (R-2) building submitted by Rybak Development and filed by Sergey Rybak with plans filed January 30, 2024 and it has not been permitted yet.

The majority, or 93 percent of the 648,961 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Dean Palin owned at least three commercial properties in New York City with 90,448 square feet and a city-determined market value of $30.5 million. (Market value is typically about 50% of actual value.) The portfolio has $32 million in debt, borrowed from Amalgamated Bank and JPMorgan Chase. Within the portfolio, the bulk, or 93 percent of the 90,448 square feet of built space are office properties, with retail properties next occupying 7 percent of the space. They are all located in Manhattan.

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