Gili Haberberg signs $18.5M refi with Angel Oak for 48-unit rental in Upper West Side

Gili Haberberg through the entity Canterbury 108, LLC as borrower signed a refi loan with lender Angel Oak Commercial Lending valued at $18.5 million for the 48-unit residential elevator building (D1) at 204 West 108th Street in Upper West Side, Manhattan.
This is the first instance of Angel Oak as a lender in New York City according to a PincusCo analysis of city data.
The deal closed on May 8, 2023 and was recorded on May 12, 2023. The prior lender was Citizens Bank which held debt that had an original loan amount of $20 million.
The property has 42,186 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $438 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 owner bought the property on March 5, 2018, for $32.5 million. The signatory for Gili Haberberg was Gili Haberberg. The signatory for Angel Oak Commercial Lending was Dolly Laubach.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Robert Seiden, head officer and Alfred Leka, site manager. The business entities are Arkar Inc and Canterbury 108, Llc. The 42,186-square-foot property generated revenue of $1.8 million or $42 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 48 residential units in Upper West Side has 42,186 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,091 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 $12.6 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 $1,250 in ECB penalties, five housing violations, and $4,500 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 this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 160,364 square feet of the 347,022 square feet. The largest owner is Yonit Tzadok-Nordenberg, followed by Tri-Hill Mangement and then Rockabill Development.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 347,022 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Gili Haberberg owned at least one commercial property with nine residential units in New York City with 8,240 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) The portfolio has $23 million in debt, borrowed from Axos Bank and OceanFirst Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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