HAP Investments signs $63.6M refi with Allegiant for elevator rentals in East Harlem

HAP Investments through the entity 2211 Third Avenue Mazal LLC as borrower signed a refi loan with lender Allegiant Real Estate Capital through the entity Allegiant Capital Funding LLC valued at $63.6 million for six properties including the 108-unit elevator building at 2211 Third Avenue in East Harlem, Manhattan, 30-unit rental (D6) at 2338 Second Avenue in East Harlem, Manhattan, and 20-unit rental (D1) at 329 Pleasant Avenue in East Harlem, Manhattan.
The deal closed on December 6, 2021 and was recorded on December 30, 2021.
The six properties have 156,101 square feet of built space and 4,188 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $407 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 HAP Investments was Eran Polack. The signatory for Allegiant Real Estate Capital was Randy Reiff.
(121330363)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 20 residential units on June 1, 2017. (121330363) Plans for a 20-unit, 15,255 square-foot R-2 were filed on March 7, 2013 and were permitted on October 24, 2014.
This is a consolidation of several mortgages including those secured by 2211 Third Avenue, 329 Pleasant Avenue, and 2338 Second Avenue.
The owners according to the Department of Housing Preservation and Development includes Eran Polack, head officer and Marc Gilbert, site manager. The business entities are Manhattan Mordern Mgmt and 329 Pleasant Ave Mazal Holding Llc.

Within a 400-foot radius of 329 Pleasant Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $17.3 million. The most recent of the two was Housing Partnership
Development Corporation and Cornell Pace which borrowed $9.6 million from Dwight Capital secured by the 16,512-square-foot, 30-unit rental (C7) on 451 East 116th Street and one other property on July 22, 2021.

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