Henry Moses Jr. signs $20M refi for 99-unit walkup in Lenox Hill

Henry Moses Jr. through the entity 7 Of 8 Realty Co, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $20 million for the 99-unit residential walkup building (C7) at 314 East 78th Street in Lenox Hill, Manhattan.
The deal closed on September 26, 2022 and was recorded on October 7, 2022. The prior lender was Santander Bank which held debt that had an original loan amount of $21.3 million. The property has 51,900 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $385 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 Henry Moses Jr. was Henry Moses Jr.. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Henry Moses Jr, head officer and Robert Moses, officer. The business entity is 7 Of 8 Relaty Co Llc. The 51,900-square-foot property generated revenue of $2.4 million or $47 per square foot, according to the most recent income and expense figures.

The property

The 314 East 78th Street parcel has frontage of 126 feet and is 102 feet deep with a total lot size of 12,873 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $14.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, 71 housing violations, $2,350 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 33 commercial properties representing 101,910 square feet of the 303,261 square feet. The largest owner is GPG Properties, followed by Carmel Partners and then Rachel Glasser.
On the tax block, there was one new building construction project filed totaling 160,641 square feet. It is a 94-unit, 160,641-square-foot R-2 building developed by Matthew Feldman with plans filed January 24, 2022 and it has not been permitted yet.

The majority, or 72 percent of the 301,510 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Henry Moses Jr. owned at least 11 commercial properties in New York City with 176,366 square feet and a city-determined market value of $53.2 million. (Market value is typically about 50% of actual value.) The portfolio has $59.6 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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