Emmut Properties signs $74M acquisition loan with Benefit Street for hotel in Upper West Side

Emmut Properties through the entity 45 West Emmut Properties LLC as borrower signed a acquisition loan with lender Benefit Street Partners through the entity Bsprt Cre Finance LLC valued at $74 million for the hotel building at 45 West 81st Street in Upper West Side, Manhattan.
The deal closed on December 20, 2021 and was recorded on January 19, 2022.
The property has 133,229 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $555 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.)
Emmut bought the property on December 16, 2021, for $79.8 million.
The signatory for Emmut Properties was John Young.
The 133,229-square-foot property generated revenue of $8.4 million or $63 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $105,000.
There is $9M in a rehab construction building loan.

In the Upper West Side, the majority, or 68 percent of the 95.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 83 percent of the 1.6 million square feet of built space are residential elevator buildings, with hotel buildings next occupying 8 percent of the space.

Within a 400-foot radius of 45 West 81st Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which 101 West 81st Street cooperative borrowed $9.5 million from Investors Bank secured by the 148,751-square-foot, 153-unit mixed-use building (RM) on 101 West 81st Street on August 6, 2021.

Direct link to Acris document. link