Fine Times signs $50M refi loan with Citibank for 20 properties in NYC

Fine Times through the entity 12 West 76th Holding Company as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc valued at $50 million for 20 properties including the 32-unit rental (D3) at 99 Joralemon Street in Brooklyn Heights, Brooklyn, 30-unit rental (D9) at 82 Pierrepont Street in Brooklyn Heights, Brooklyn, and 11-unit rental (D1) at 12 West 76th Street in the Upper West Side, Manhattan.
The deal closed on May 27, 2021 and was recorded on August 10, 2021.
The 20 properties have 169,522 square feet of built space and 0 square feet of additional air rights for a total buildable of 164,097 square feet according to PincusCo analysis of city data. The loan price per built square foot is $294 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 Fine Times was Ari Sklar.
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 $131,000.
Sklar bought 110 West 69th Street in 2017 for $28.9 million, The Real Deal reported.
The owners according to the Department of Housing Preservation and Development includes Jessica Richman, head officer and Ari Sklar, officer. The business entity is 99 Joralemon Street Llc.

Within a 400-foot radius of 99 Joralemon Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were sales above $5 million totaling $14.5 million. The most recent of the two was Ekdotheen, LLC which bought the 4,135-square-foot, two-unit mixed-use building (S1) on 123 Joralemon Street for $7.6 million from Matthew A. Carpenter and Rebecca H. Carpenter on July 15, 2021.
One of those three items was a loan which Greenbrook Partners borrowed $31.1 million from FS Investments and Rialto Capital Management secured by the 5,940-square-foot, 18-unit rental (C1) on 269 Henry Street and nine other properties on January 26, 2021.

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