GMC Parking signs $12.5M refi for Yorkville garages

GMC Parking through the entity 231-243 East 94th Street LLC as borrower signed a refi loan with lender Apple Bank through the entity Apple Bank valued at $12.5 million for two industrial properties including the parking buildings (G1) at 231-239 East 94th Street and 241-243 East 94th Street in Yorkville, Manhattan.
The deal closed on July 11, 2024 and was recorded on July 25, 2024. The prior lender was Apple Bank which held debt that had an original loan amount of $16 million given in 2014.
The two properties have 67,726 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $185 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 GMC Parking was Gordon Hamm. The signatory for Apple Bank was Cynthia Wang.

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 seven DOB violations, $30,000 in ECB 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 neighborhood

In Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 1.8 times the average sales volume among other neighborhoods with $489.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 26th highest in Manhattan. It had 947,152 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 231-239 East 94th Street, PincusCo has identified the owners of six of the 24 commercial properties representing 82,843 square feet of the 331,748 square feet. The largest owner is John Buonarguro, followed by Joseph Cvek and then Michael Coratollo.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 331,748 square feet of built space are walkup buildings, with industrial buildings next occupying 20 percent of the space.

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