Emmut Properties signs $32.5M refi with Shanghai Commercial for rental in Clinton

Emmut Properties through the entity 15024 Emmut Properties LLC as borrower signed a refi loan with lender Shanghai Commercial Bank valued at $32.5 million for the 60-unit rental (D3) at 433 West 53rd Street in Clinton, Manhattan.
The deal closed on June 28, 2021 and was recorded on July 26, 2021.
The property has 41,617 square feet of built space and 18,878 square feet of additional air rights for a total buildable of 60,452 square feet according to PincusCo analysis of city data. The loan price per built square foot is $780 and the price per buildable square foot is $537 per the PincusCo analysis.
The owner bought the property on 28-Jan-16, for $25 million.
The signatory for Emmut Properties was John P. Young.
(122822605)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 60 residential units on August 6, 2020. (122822605) Plans for a 60-unit, 41,617 square-foot R-2 were filed on June 30, 2016 and were permitted on April 6, 2018.
Emmut Properties is led by John Young.
Within a 400-foot radius of 433 West 53rd Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on January 17, 2020 for a 32,726-square-foot R-2 building with 28 residential units at 443 West 54th Street.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on January 5, 2021 for the $10.1 million renovation of a 4,339-square-foot commercial building with no residential units at 441 West 53rd Street.
Of those 10 items, three were sales above $5 million totaling $47.6 million. The most recent of the three was 427 West 52nd Propco LLC which bought the 35,854-square-foot industrial (I1) on 427 West 52nd Street for $25.2 million from Shimmie Horn on July 19, 2021.
Of those 10 items, four were loans above $5 million totaling $40.9 million. The most recent of the four was 427 West 52nd Propco LLC which borrowed $17.1 million from THM Holdings secured by the 35,854-square-foot, one-unit industrial (I1) on 427 West 52nd Street on July 19, 2021.

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