ELO Organization signs $31M refi for Diamond District building

ELO Organization through the entity Jemsa Realty LLC as borrower signed a refi loan with lender Dime Community Bank valued at $31 million for the office building (O6) at 30 West 47th Street in the Diamond District of Midtown, Manhattan.
The deal closed on November 23, 2021 and was recorded on December 16, 2021.
The property has 55,613 square feet of built space and 4,639 square feet of additional air rights for a total buildable of 60,250 square feet according to PincusCo analysis of city data. The loan price per built square foot is $557 and the price per buildable square foot is $514 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 May 14, 2009, for $42.5 million.
The signatory for ELO Organization was Jack Elo.
(122409349)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 1, 2017.
Jack Elo heads the Elo Organization.

Within a 400-foot radius of 30 West 47th Street, PincusCo identified 20 commercial real estate items of interests occurred over the past 24 months.
Of those 20 items, one was in new building development. It was a new building permit application filed on November 20, 2020 for a 168,897-square-foot hotel (R-1) building with 534 units at 32 West 48th Street.
Of those 20 items, 10 were sales above $5 million totaling $2.3 billion. The most recent of the 10 was Magna Hospitality Group which bought the 126,000-square-foot rental (H6) on 30 West 46th Street for $88.5 million from Concord Hospitality on October 6, 2021.
Of those 20 items, nine were loans above $5 million totaling $744.8 million. The most recent of the nine was Magna Hospitality Group which borrowed $61 million from KSL Capital Partners secured by the 126,000-square-foot rental (H6) on 30 West 46th Street on October 6, 2021.

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