HUBB NYC signs $60M refi with MetLife for building in Harlem
HUBB NYC through the entity 60 West 125th St LLC as borrower signed a refi loan with lender MetLife through the entity Metlife Real Estate Lending LLC valued at $60 million for the 141-unit residential and retail building at 60 West 125th Street in Harlem, Manhattan. The building is divided into three commercial condominiums, and HUBB NYC owns all three, and this loan is secured by all three. HUBB bought the property for $105 million last year.
The deal closed on February 8, 2022 and was recorded on February 10, 2022. The prior lender was MFI 2020-FL4 LTD. which held debt that had an original loan amount of $45 million.
The signatories for HUBB NYC were John P. McCarthy and Steve Dluzyn.
John P. McCarthy and Steve Dluzyn are members of the HUBB NYC leadership team.
On the tax block, the majority, or 39 percent of the 560,703 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space.
Within a 400-foot radius of 56 West 125th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on April 2, 2021 for a 357,425-square-foot R-2 building with 171 residential units at 126 West 126th Street.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 17, 2021 for the $811,440 renovation of 10,968-square-foot R-3 building with five residential units at 122 West 124th Street.
Of those nine items, two were sales above $5 million totaling $55.5 million. The most recent of the two was Regal Acquisitions which bought the 15,012-square-foot, four-unit office building (O5) on 286 Lenox Avenue for $10.2 million from Real Estate Equities Corporation on April 1, 2020.
Of those nine items, five were loans above $5 million totaling $67 million. The most recent of the five was Shapour “Paul” Sohayegh which borrowed $8 million from Morgan Stanley secured by the 24,122-square-foot, 20-unit rental (C7) on 280 Lenox Avenue and one other property on December 2, 2021.
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