GPS Realty signs $10.5M refi with Investors Bank for rental in Upper West Side

GPS Realty through the entity Heather Brand Fourth LLC as borrower signed a refi loan with lender Investors Bank through the entity Investors Bank valued at $10.5 million for the 38-unit rental (C7) at 340 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on December 14, 2021 and was recorded on January 5, 2022.
The property has 12,371 square feet of built space and 4,919 square feet of additional air rights for a total buildable of 17,288 square feet according to PincusCo analysis of city data. The loan price per built square foot is $848 and the price per buildable square foot is $607 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 GPS Realty was Jack Avid. The signatory for Investors Bank was Nicholas Arsenis.
(120025481)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 38 residential units on July 31, 2017.
Jack Avid is the owner of GPS Realty.
The owners according to the Department of Housing Preservation and Development includes Steve Oved, head officer and Jacob Avid, officer. The business entity is Heather Brand Fourth, Llc.
Within a 400-foot radius of 340 Amsterdam Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 3, 2020 for the $844,541 renovation of 6,064-square-foot office building with no residential units at 2160 Broadway.
One of those seven items was a sale which Olnick Organization bought the 131,476-square-foot, 134-unit rental (D6) on 360 Amsterdam Avenue for $106.4 million from family of late real estate investor Charles Goldner on November 22, 2019.
Of those seven items, five were loans above $5 million totaling $148.9 million. The most recent of the five was Alan Sackman which borrowed $6.0 million from Farm Bureau Life Insurance Company secured by the 11,400-square-foot, 14-unit rental (C7) on 351 Amsterdam Avenue on September 15, 2021.

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