Elysee Investment signs $21.2M refi for nine walkups in Harlem
Elysee Investment Corp through the entity Central Harlem Portfolio, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $21.2 million for nine residential walkup properties with 213 residential units including the 89-unit residential walkup building (C4) at 2470 8th Avenue in Harlem, Manhattan, 22-unit residential walkup building (C7) at 271 West 144th Street in Harlem, Manhattan, and 18-unit residential walkup building (C7) at 1941 Adam C Powell Blvd in Harlem, Manhattan.
The deal closed on November 21, 2024 and was recorded on November 26, 2024. The prior lender was Flushing Bank which held debt that had an original loan amount of $21.8 million.The nine properties have 201,764 square feet of built space and 8,341 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $105 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 Elysee Investment Corp was Avi Dishi and Haim Yehezkel. The signatory for JPMorgan Chase was Ursula Flores.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2470 8th Avenue.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Avi Dishi, head officer and Michael Dishi, agent. The business entity is Central Harlem Portfolio Llc. The nine properties with a total of 201,764 square feet of built space generated revenue of $3.5 million per year or $17 per square foot.
The property
The residential walkup building with 89 residential units in Harlem is on a parcel that has frontage of 199 feet and is 100 feet deep with a total lot size of 19,983 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1995 and expires in 2029. The city-designated market value for the property in 2022 is $5.1 million. The most recent loan totaled $21.8 million and was provided by Flushing Bank on July 28, 2022. The property has 18 rent regulated units according to city tax records from 2023.
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 $3,780 in ECB penalties, 30 housing violations, $23,745 in OATH penalties, and six housing litigations 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 2470 8th Avenue, PincusCo has identified the owners of 12 of the 17 commercial properties representing 236,374 square feet of the 454,013 square feet. The largest owner is Black Spruce Management, followed by Elysee Investment Corp and then Elh Mgmt.
There are no active new building construction projects on this tax block.
The majority, or 48 percent of the 454,013 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.
The borrower
The PincusCo database currently indicates that Elysee Investment Corp owned at least 28 commercial properties with 783 residential units in New York City with 791,066 square feet and a city-determined market value of $97.8 million. (Market value is typically about 50% of actual value.) The portfolio has $176.9 million in debt, with top three lenders as Morgan Stanley, Bank of America, and Flushing Bank respectively. Within the portfolio, the bulk, or 53 percent of the 791,066 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Manhattan.
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