Hal Goldberg signs $20.1M refi for Inwood property leased by public school, Spectrum

Long-time family owner Hal Goldberg through the entity Cee Gee Inwood LLC as borrower signed a refi loan with lender Alcova Capital Management through the entity Alcova Origination LLC valued at $20.1 million for three properties including the office building (O5) at 4116 9th Avenue, the public school building (W1) at 417 West 219th Street in Inwood, Manhattan, and specialty building (W1) at 409 West 219th Street in Inwood, Manhattan.
The deal closed on August 28, 2024 and was recorded on September 6, 2024. The prior lender was Hirshmark Capital which held debt that had an original loan amount of $14.8 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 $211 and the price per buildable square foot is $65 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 Alcova Capital Management was Matthew Grodin. The three tax lots are occupied by a NYC public school and Spectrum. Melvin Goldberg acquired the parcels in 1984 as a location to manufacture and or distribute candy, though companies such as The Candy House, Inc., which made Candy Buttons, Cee Gee Candy Distributing Service and Empire Candy & Tobacco.

The property

The buildings in Inwood 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 most recent loan totaled $14.8 million and was provided by Hirshmark Capital on August 21, 2023.

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 $1,875 in ECB penalties and $20,875 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial renovation 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.

The neighborhood

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 had very little sales volume relative to other neighborhoods with $108.2 million in sales volume in the last two years. For development, Inwood has 1.4 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 4116 9th Avenue, PincusCo has identified the owners of 35 of the 92 commercial properties representing 1,699,245 square feet of the 2,632,258 square feet. The largest owner is New York City Housing Authority, followed by Washington Square Partners and then Joseph Grubner.
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 permitted July 10, 2024.

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.

The borrower

The PincusCo database currently indicates that Hal Goldberg owned at least three commercial properties in New York City with 95,232 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Hirshmark Capital. Within the portfolio, the bulk, or 55 percent of the 95,232 square feet of built space are office properties, with specialty properties next occupying 45 percent of the space. They are all located in Manhattan.

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