Elo Organization signs $37.5M refi with Dime for office buildings in Garment District
The ELO Organization through the entity Filco Realty LLC as borrower signed a refi loan with lender Dime Community Bank valued at $37.5 million for three office buildings including the office building (O6) at 39 West 38th Street in Garment District, Manhattan, office building (O5) at 144 West 37th Street in Garment District, Manhattan, and office building (O5) at 40 West 38th Street in Garment District, Manhattan.
The deal closed on July 28, 2021 and was recorded on August 26, 2021.
The three properties have 71,119 square feet of built space and 20,431 square feet of additional air rights for a total buildable of 91,560 square feet according to PincusCo analysis of city data. The loan price per built square foot is $527 and the price per buildable square foot is $409 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 ELO Organization was Jack Elo.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $190,510.
Within a 400-foot radius of 39 West 38th Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $927,300.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $671,919. The most recent of these three items was the permit on August 2, 2021 for a 4,886-square-foot A-2 building with N/A residential units at 59 West 37th Street.
One of those 13 items was a sale which Amazon bought the 697,029-square-foot, two-unit retail building (K3) on 424 5th Avenue for $978.1 million from ARK Capital Advisors on March 13, 2020.
Of those 13 items, nine were loans above $5 million totaling $368.6 million. The most recent of the nine was Aron Rosenberg which borrowed $50.9 million from Ladder Capital Finance LLC secured by the 58,186-square-foot, 13-unit office building (O6) on 32 West 39th Street and two other properties on April 2, 2021.
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