George Huang signs $31M refi loan with Greystone for retail in Soundview
George Huang through the entity G&T Consulting Company Spe, LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Select Company II LLC valued at $31 million for the retail building (K6) at 1580 Bruckner Boulevard in Soundview, Bronx.
The deal closed on July 9, 2024 and was recorded on July 18, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $31 million.
The property has 80,518 square feet of built space and 528,078 square feet of additional air rights for a total buildable of 608,165 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $385 and the price per buildable square foot is $50 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 George Huang was George Huang. The signatory for Greystone & Co. was Tricia Baker.
The property
The retail building in Soundview has 80,518 square feet of built space and 528,078 square feet of additional air rights for a total buildable of 608,165 square feet according to a PincusCo analysis of city data. The parcel has frontage of 445 feet and is 575 feet deep with a total lot size of 250,274 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $24.4 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,350 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on March 30, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Soundview, The majority, or 60 percent of the 21.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has near average sales volume among other neighborhoods with $240.4 million in sales volume in the last two years and is the 3rd highest in Bronx. For development, Soundview is the 9th most active neighborhood among other neighborhoods. It had 5.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 25 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the two commercial properties representing zero square feet of the 80,518 square feet. The identified owner is Consolidated Edison.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 80,518 square feet of built space are retail buildings.
The borrower
The PincusCo database currently indicates that George Huang owned at least 18 commercial properties with 678 residential units in New York City with 681,402 square feet and a city-determined market value of $46.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 681,402 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Bronx next at 24 percent of the space.
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