Glenwood Management signs $209.6M refi for 569-unit rental in Garment District
Glenwood Management through the entity West 38th Street LLC as borrower signed a refi loan with lender NYS Housing Finance Agency valued at $209.6 million for the 569-unit residential elevator building (D8) at 320 West 38th Street in Garment District, Manhattan.
The deal closed on October 1, 2024 and was recorded on November 20, 2024. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $260 million.
The property has 718,503 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $291 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 26, 2007, for $59.5 million. The signatory for Glenwood Management was Carole L. Pittelman. The signatory for NYS Housing Finance Agency was Russell Hubley. This loan replaces a $260 million loan originated by NYS Housing Finance Agency in 2014. The new loan has a maturity date of May 1, 2042.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Carole Pittelman, head officer and New Hyde Park Realty L.P., shareholder. The business entities are Glenwood Management Corp. and West 38th Street Llc.
The property
The residential elevator building with 569 residential units in Garment District has 718,503 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 197 feet deep with a total lot size of 49,375 square feet. The lot is irregular. The property has a 421A exemption that started in 2012 and expires in 2032. The city-designated market value for the property in 2022 is $141.7 million. The property has 568 rent regulated units according to city tax records from 2023.
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 $3,640 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 25, 2012. 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 four of the 21 commercial properties representing 216,885 square feet of the 1,698,259 square feet. The largest owner is Barings, followed by Elk Investors and then Kano Real Estate Investors.
There are no active new building construction projects on this tax block.
The majority, or 50 percent of the 1.7 million square feet of built space are elevator buildings, with office buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Glenwood Management owned at least six commercial properties with 1,621 residential units in New York City with 1,989,456 square feet and a city-determined market value of $502.6 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 100 percent of the 1,989,456 square feet of built space are elevator properties, with retail properties next occupying 0 percent of the space. They are all located in Manhattan.
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