EastGold Holdings signs $55M refi for 120-unit rental in Upper West Side

EastGold Holdings through the entity 222 West 83rd Street LLC as borrower signed a refi loan with lender New York Community Bank valued at $55 million for the 120-unit residential elevator building (D6) at 2290 Broadway in Upper West Side, Manhattan.
The deal closed on September 1, 2022 and was recorded on October 17, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $55 million. The property has 165,452 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $332 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 September 1, 2020, for $85.4 million. The signatory for EastGold Holdings was Michael A. Goldstein. The signatory for New York Community Bank was Francesco Pizzolla.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Goldstein, head officer and Alex Goldstein, officer. The business entities are Rose Property Management Group and 222 West 83rd Street Llc. The 165,452-square-foot property generated revenue of $6.4 million or $39 per square foot, according to the most recent income and expense figures.

The property

The 2290 Broadway parcel has frontage of 102 feet and is 140 feet deep with a total lot size of 14,375 square feet. The lot is irregular. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $34.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received five DOB violations, $5,000 in ECB penalties, and $6,750 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 280,755 square feet of the 346,650 square feet. The largest owner is Hubb Nyc, followed by Eastgold Properties and then City of New York.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 339,476 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Eastgold Holdings owned at least five commercial properties in New York City with 224,186 square feet and a city-determined market value of $19.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 224,186 square feet of built space are elevator properties, with industrial properties next occupying 0 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Bronx next at 29 percent of the space.

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