Durst signs $87.5M refi with M&T Bank for dev site in East Harlem

Durst Organization through the entity 1800 Fee Owner LLC as borrower signed a refi loan with lender M&T Bank valued at $87.5 million for four properties including the (G7) at 1801 Park Avenue in East Harlem, Manhattan, development site (V1) at 1800 Park Avenue in East Harlem, Manhattan, and industrial (G7) at 110 East 125th Street in East Harlem, Manhattan.
The site is expected to be developed into residential apartments. The Real Deal reported in 2018 on the refinance of this site at that time with $95 million.
The deal closed on September 2, 2021 and was recorded on September 14, 2021.
The four properties have 0 square feet of built space and 564,150 square feet of additional air rights for a total buildable of 564,150 square feet according to PincusCo analysis of city data. The loan  price per buildable 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 signatory for Durst Organization was Lucas Durst. The signatory for M&T Bank was Leeanne Martz.

Within a 400-foot radius of 1801 Park Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $25.8 million. The most recent of the two was Maddd Equities which bought the 6,594-square-foot, 10-unit mixed-use building (K2) on 132 East 125th Street for $10.8 million from WRA Properties on March 26, 2021.
Of those five items, three were loans above $5 million totaling $39.0 million. The most recent of the three was Sackman Enterprises which borrowed $18 million from Citi Real Estate Funding secured by the 30,300-square-foot, five-unit office building (O5) on 120 East 124th Street and one other property on July 26, 2021.

Direct link to Acris document. link