GPG Properties signs $17M refi loan with Santander Bank for five properties in Yorkville

GPG Properties through the entity 312 East 90 LLC as borrower signed a refi loan with lender Santander Bank valued at $17 million for five properties including the 44-unit residential elevator building at 312 East 90th Street in Yorkville, Manhattan, 27-unit residential elevator building at 402 East 83rd Street in Yorkville, Manhattan, and 20-unit residential walkup building at 304 East 90th Street in Yorkville, Manhattan.
The deal closed on December 29, 2021 and was recorded on January 11, 2022. The prior lender was Capital One which held debt that had an original loan amount of $7.4 million.
The five properties have 70,031 square feet of built space and 16,730 square feet of additional air rights for a total buildable of 86,784 square feet according to PincusCo analysis of city data. The loan price per built square foot is $242 and the price per buildable square foot is $195 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 GPG Properties was Rady E. Glick. The signatory for Santander Bank was Steven J. Robinson.
The five properties with a total of 70,031 square feet of built space generated revenue of $3.1 million per year or $44 per square foot.

One of the projects were to change the number of residential units from 0 to 44 and were permitted on December 23, 2003.
This is a spreader agreement but it includes $1,098,528 in new debt.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume in the city with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 58 percent of the 418,667 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 35 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Randy Glick, head officer and Anthony Piscopo, site manager. The business entity is 312 East 90 Llc.
Within a 400-foot radius of 312 East 90th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which HUBB NYC bought the 9,165-square-foot, 20-unit rental (C1) on 306 East 89th Street for $7 million from AIR Communities on November 22, 2021.
Of those three items, two were loans above $5 million totaling $17.5 million. The most recent of the two was Sterling Equities which borrowed $11 million from New York Community Bank secured by the 27,000-square-foot, 43-unit rental (D7) on 1733 1st Avenue on November 8, 2021.

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