Golani Development signs $20.5M refi loan with Societe Generale for elevator building in East Harlem

Golani Development Group through the entity East 119th Street Development LLC as borrower signed a refi loan with lender Societe Generale valued at $20.5 million for the 41-unit residential elevator building at 2183 3rd Avenue in East Harlem, Manhattan.
The deal closed on December 22, 2021 and was recorded on February 3, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $18 million.
The property has 63,368 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $323 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 December 27, 2012, for $3.2 million.
The signatory for Golani Development Group was Sharon Kahen. The signatory for Societe Generale was Kevin Kelley.
The 63,368-square-foot property generated revenue of $3 million or $47 per square foot, according to the most recent income and expense figures.

(121329641)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 58 residential units on July 27, 2018. (121329641) Plans for a 58-unit, 58,761 square-foot R-2 were filed on February 1, 2013 and were permitted on June 9, 2015.
Kevin Kelley is a COO of the New York CRE finance group of Societe Generale.
In East Harlem, the majority, or 51 percent of the 63.1 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2.1 times the average sales volume among other neighborhoods with $571.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 42 percent of the 288,365 square feet of built space are specialty buildings, with residential elevator buildings next occupying 22 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Haim Levy, head officer and Sharon Kahen, officer. The business entity is East 119th Street Development Llc.
Within a 400-foot radius of 2183 3rd Avenue, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 10, 2020 for the $533,200 renovation of 5,332-square-foot R-2 building with five residential units at 201 East 120th Street.
Of those six items, five were loans above $5 million totaling $162 million. The most recent of the five was Euripides Reynoso which borrowed $7.3 million from ReadyCap Commercial secured by one condo unit in the 12,847-square-foot, 112-unit mixed-use building (RM) on 2211 3rd Avenue on January 21, 2022.

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