Deba Shyam signs $19M refi loan with Preferred Bank for two residential elevator properties in Lenox Hill

Deba Shyam through the entity Continuum Analytics, LLC as borrower signed a refi loan with lender Preferred Bank valued at $19 million for two residential elevator properties including the five-unit residential elevator building (D3) at 227 East 67th Street in Lenox Hill, Manhattan and five-unit residential elevator building (D3) at 184 East 64th Street in Lenox Hill, Manhattan.
The deal closed on October 25, 2022 and was recorded on January 4, 2023. The prior lender was Preferred Bank which held debt that had an original loan amount of $29 million. The two properties have 25,698 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $739 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 Deba Shyam was Deba Shyam.

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 227 East 67th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Kluchin, head officer and Adam Daniels, agent. The business entities are Ad Real Estate Investors Inc. and Continuum Analytics Llc.

The property

The 227 East 67th Street parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,773 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 $7.7 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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two 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 $5 million on this tax lot. On one of the tax lots, the most recent condominium plan was filed by 184 EAST 64TH STREET ASSOCIATES LLC to create 5 residential units in a building at 184 East 64th Street in Lenox Hill, Manhattan, called 184 E. 64th Street Condominium that has a $42.5 million sellout, according to an December 15, 2016 submission to the New York State Attorney General. The principal of the sponsor, 184 EAST 64TH STREET ASSOCIATES LLC, was Michael D’Alessio.

The block

On the tax block of 227 East 67th Street, PincusCo has identified the owners of three of the 11 commercial properties representing 604,182 square feet of the 837,941 square feet. The largest owner is Rudin Management, followed by Feil Organization and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 835,072 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

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