Gatsby Enterprises signs $22.2M refi for three walkups in Carnegie Hill

Nader Ohebshalom’s Gatsby Enterprises through the entity 92nd Street 1 LLC as borrower signed a refi loan with lender Capital One valued at $22.2 million for three residential walkup properties with 85 residential units including the 28-unit residential walkup building (C7) at 163 East 92nd Street in Carnegie Hill, Manhattan, 28-unit residential walkup building (C7) at 159 East 92nd Street in Carnegie Hill, Manhattan, and 29-unit residential walkup building (C4) at 155 East 92nd Street in Carnegie Hill, Manhattan.
The deal closed on January 5, 2024 and was recorded on January 18, 2024. The prior lender was Capital One which held debt that had an original loan amount of $23.5 million.The three properties have 52,476 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $422 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 Gatsby Enterprises was Nader Ohebshalom.

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 163 East 92nd Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Nader Ohebshalom, head officer and Alex Cruz, site manager. The business entity is 92nd Street 1 Llc.

The property

The residential walkup building with 28 residential units in Carnegie Hill has 52,476 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,295 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.1 million.

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 $200 in OATH penalties 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 163 East 92nd Street, PincusCo has identified the owners of nine of the 20 commercial properties representing 287,865 square feet of the 379,591 square feet. The largest owner is Weinreb Management, followed by Sky Management and then Kamran Hakim.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 379,591 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Gatsby Enterprises owned at least 39 commercial properties with 1,083 residential units in New York City with 750,705 square feet and a city-determined market value of $241 million. (Market value is typically about 50% of actual value.) The portfolio has $148.6 million in debt, with top three lenders as Capital One, Dime Community Bank, and First Republic Bank respectively. Within the portfolio, the bulk, or 48 percent of the 750,705 square feet of built space are walkup properties, with elevator properties next occupying 44 percent of the space. They are all located in Manhattan.

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