Elyacher Properties signs $26M initial loan with Principal Life for UES rental

Elyacher Properties through the entity Gerel Corporation as borrower signed an initial loan with lender Principal Life Insurance Company valued at $26 million for the 102-unit rental (D6) at 1100 Madison Avenue in the Upper East Side, Manhattan.
The deal closed on July 7, 2021 and was recorded on July 16, 2021.
The property has 106,947 square feet of built space and 15,692 square feet of additional air rights for a total buildable of 122,600 square feet according to PincusCo analysis of city data. The loan price per built square foot is $243 and the price per buildable square foot is $212 per the PincusCo analysis.
The signatory for Elyacher Properties was Jonathan Elyacher. Elyacher is the fee owner of the property, which is ground-leased according to a 2001 document, with an expiration on May 31, 2050.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $970,429.
Elyacher Properties has same address as Party 1. https://www.elyacharproperties.com/gerel
The owners according to the Department of Housing Preservation and Development includes Jonathan Elyachar, head officer and Justin Elyachar, officer. The business entity is Gerel Corporation.
Within a 400-foot radius of 1100 Madison Avenue, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 1, 2021 for the $1.9 million renovation of 19,644-square-foot A-3 building with 0 residential units at 1076 Madison Avenue.
Of those five items, four were sales above $5 million totaling $50.7 million. The most recent of the four was 69e82 LLC which bought the 5,360-square-foot, one-unit townhouse (A4) on 69 East 82nd Street for $14.2 million from Susan L. Paine and W. Dexter Paine III on July 9, 2021.

Direct link to Acris document. link