Ellington Management buys $23.4M note secured by 3 rental buildings in Washington Heights

Connecticut-based Ellington Management Group through the entity EMG Transfer Agent LLC bought a note with an original principal of $23.4 million from Flagstar Bank secured by Filippo Milio’s 24-unit walkup (C7) at 556 West 181st Street, the 13-unit walkup (C7) at 558 West 181st Street and the 16-unit walkup (C7) at 569 West 181st Street in Washington Heights, Manhattan.
The deal closed on March 22, 2024 and was recorded on April 11, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $23.4 million.
The three properties have 75,676 square feet of built space according to a PincusCo analysis of city data.
The signatory for Filippo Milio was Filippo Milio.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Carmelo Milio, head officer and Jose Ramirez, site manager. The business entity is 554-558 W 181st Street Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 49 housing violations, $1,210 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 556 West 181st Street, PincusCo has identified the owners of six of the 18 commercial properties representing 175,180 square feet of the 968,245 square feet. The largest owner is Susan Carmel, followed by Stellar Management and then SDG Management.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 968,245 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Filippo Milio owned at least two commercial properties with 90 residential units in New York City with 100,306 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $35.8 million in debt, borrowed from Arbor Realty Trust and Santander Bank. Within the portfolio, the bulk, or 50 percent of the 100,306 square feet of built space are walkup properties, with elevator properties next occupying 50 percent of the space. The bulk, or 50 percent of the built space, is in Manhattan, with Bronx next at 50 percent of the space.

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