EJS Group signs $16.2M initial loan with JPMorgan for three rentals in Upper East Side

EJS Group through the entity Ejs 1303 Third, LLC as borrower signed a initial loan with lender JPMorgan Chase valued at $16.2 million for three rentals including the 20-unit rental (D9) at 1309 3rd Avenue in Upper East Side, Manhattan, 14-unit rental (C7) at 1303 3rd Avenue in Upper East Side, Manhattan, and nine-unit rental (C4) at 202 East 75th Street in Upper East Side, Manhattan.
The deal closed on October 1, 2021 and was recorded on October 12, 2021.
The three properties have 31,150 square feet of built space and 50,628 square feet of additional air rights for a total buildable of 81,780 square feet according to PincusCo analysis of city data. The loan price per built square foot is $519 and the price per buildable square foot is $197 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 EJS Group was Theodore Segal.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

There has been one demolition project filed for the parcels over the past five years. The demolition included 20 residential units.
Theodore Segal is the founder of EJS Group.
The owners according to the Department of Housing Preservation and Development includes James Gaston, head officer and Frances Gaston, shareholder. The business entity is Gastonia, Llc.

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