Eric Miller signs $10.9M refi with New York Community for two rentals in Upper Manhattan

Eric Miller through the entity Arden 24 LLC as borrower signed a refi loan with lender New York Community Bank valued at $10.9 million for two rentals including the 67-unit rental (C1) at 22-34 Arden Street in Washington Heights, Manhattan and 43-unit rental (C1) at 65-69 Post Avenue in Inwood, Manhattan.
The deal closed on May 17, 2021 and was recorded on September 10, 2021.
The two properties have 88,020 square feet of built space and 23,240 square feet of additional air rights for a total buildable of 111,220 square feet according to PincusCo analysis of city data. The loan price per built square foot is $123 and the price per buildable square foot is $97 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 Eric Miller was Eric Miller.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Mike Spira, head officer and Albert Abraham, officer. The business entity is Post 65 Llc.

Within a 400-foot radius of 65-69 Post Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $34.4 million. The most recent of the four was Moshe Piller which borrowed $8 million from Signature Bank secured by the 94,100-square-foot, 121-unit rental (C1) on 101 Post Avenue on February 3, 2021.

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