Denali Mgmt buys $23M note secured by Thor’s 49-unit Harlem rental, in pre-foreclosure

Denali Management through the entity 125 Improvement Group LLC bought a note with an original principal of $23 million from East West Bank secured by Thor Equities’s 49-unit rental (D7) at 17 West 125th Street in Harlem, Manhattan.
The deal closed on July 30, 2021 and was recorded on October 20, 2021.
The property has 46,200 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $0 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 August 19, 2015, for $29.6 million. At the time Thor took out a $23 million acquisition and rehab construction loan.
Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $998,180. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 50 to 49 and were permitted on January 19, 2018.

East West Bank sues to foreclosure on $23M Thor loan. 

Denali Management is listed as the care of for the LLC address.

Direct link to Acris document. link