GO-RE Partners signs $11.7M refi for two UWS rentals
GO-RE Partners through the entity GRFO 992 Amsterdam LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $11.7 million for two properties with 43 residential units including the 28-unit residential elevator building (D7) at 992 Amsterdam Avenue in Upper West Side, Manhattan and 15-unit residential walkup building (C7) at 998 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on March 13, 2024 and was recorded on March 26, 2024. The prior lender was Ellington Management Group which held debt that had an original loan amount of $10 million.
The two properties have 45,576 square feet of built space and 15,101 square feet of additional air rights for a total buildable of 60,687 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $256 and the price per buildable square foot is $192 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 GO-RE Partners was Doron Greenberg.
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 992 Amsterdam Avenue.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Doron Greenberg, head officer and Rony Kravel, agent. The business entities are Livingston Management Services Llc and Grfo 992 Amsterdam Llc. The two properties with a total of 45,576 square feet of built space generated revenue of $1.1 million per year or $25 per square foot.
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 one DOB violation, $6,550 in ECB penalties, 69 housing violations, and $10,155 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 992 Amsterdam Avenue, PincusCo has identified the owners of 19 of the 20 commercial properties representing 431,985 square feet of the 467,355 square feet. The largest owner is Novel Property Ventures, followed by Grfo Alternative Investments and then East Group Capital.
There are no active new building construction projects on this tax block.
The majority, or 39 percent of the 467,355 square feet of built space are walkup buildings, with specialty buildings next occupying 35 percent of the space.
The borrower
The PincusCo database currently indicates that Go-Re Partners owned at least one commercial property with 75 residential units in New York City with 63,445 square feet and a city-determined market value of $15.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.
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