Edison Properties signs $65M refi with Greystone & Co. for LES elevator building

Edison Properties through the entity Ludlow Street Development, LLC as borrower signed a refi loan with lender Greystone & Co. valued at $65 million for the 243-unit residential elevator building at 188 Ludlow Street in Lower East Side, Manhattan.
The deal closed on December 28, 2021 and was recorded on January 12, 2022. The prior lender was Greystone & Co. which held debt that had an original loan amount of $75.1 million.
The property has 209,499 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $310 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 December 23, 2020, for $1.7 million.
The signatory for Edison Properties was Jon Dario. The signatory for Greystone & Co. was Kristie Reinhardt.
The 209,499-square-foot property generated revenue of $11.2 million or $53 per square foot, according to the most recent income and expense figures.

(104166108)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 243 residential units on September 10, 2012. (104166108) Plans for a 243-unit, 0 square-foot J-2 were filed on July 14, 2005 and were permitted on August 11, 2006.
There is no new debt against the property.
In Lower East Side, the majority, or 60 percent of the 33.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space. In sales, Lower East Side has 2.5 times the average sales volume in the city with $677.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Lower East Side has 2.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 2.2 million square feet of commercial construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 40 percent of the 554,815 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 37 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Tony Pinto, head officer and Kerry Malcolm, officer. The business entity is Ludlow Street Development, Llc.

Within a 400-foot radius of 188 Ludlow Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on January 12, 2021 for a 12,758-square-foot R-2 building with seven residential units at 118 East 1st Street.
One of those nine items was a sale which MOVCAP bought the 8,845-square-foot, nine-unit rental (C4) on 217 East Houston Street and one other property for $13.2 million from Mark Fischler on October 7, 2021.
Of those nine items, seven were loans above $5 million totaling $86.6 million. The most recent of the seven was MOVCAP which borrowed $9.7 million from New York Community Bank secured by the 8,845-square-foot, nine-unit rental (C4) on 217 East Houston Street and one other property on October 7, 2021.

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