Hal Goldberg through the entity Cee Gee Inwood LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity 401 W219 Funding LLC valued at $14.75 million for three adjacent properties including the office building (O5) at 4116 9th Avenue, the school building (W1) at 417 West 219th Street, and the school building (W1) at 409 West 219th Street, all in Inwood, Manhattan. The properties occupy most of the tax block at the far northern end of Manhattan.
The deal closed on August 21, 2023 and was recorded on August 29, 2023. The prior lender was the CMBS Series 2018-C11 which held debt that had an original loan amount of $12.8 million.The three properties have 95,232 square feet of built space and 210,896 square feet of additional air rights for a total buildable of 306,200 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $154 and the price per buildable square foot is $48 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 Hal Goldberg was Hal Goldberg. The signatory for Hirshmark Capital was Abraham Goldman. The loan was arranged by Hirshmark Capital’s Igor Vaysberg.
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 4116 9th Avenue.
The office building in Inwood has 95,232 square feet of built space and 210,896 square feet of additional air rights for a total buildable of 306,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $6.1 million.
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 nine DOB violations and $4,000 in OATH penalties in the last year.
For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has near average sales volume among other neighborhoods with $381.7 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Inwood has 2.1 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block of 4116 9th Avenue, PincusCo has identified the owners of 29 of the 92 commercial properties representing 1,529,603 square feet of the 2,632,258 square feet. The largest owner is Vistria Group, followed by Tri-Hill Mangement and then City Of New York.
On the tax block, there were eight new building construction projects totaling 74,357 square feet. The largest is a 39-unit, 28,402 square-foot residential (R-2) building submitted by Chafia Capital Partners and filed by James Kwon with plans filed October 16, 2018 and it has not been permitted yet. The second largest is a 24-unit, 17,776 square-foot residential (R-2) building submitted by Jim Kwon with plans filed April 20, 2022 and it has not been permitted yet.
The majority, or 59 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.
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