Hudson Companies signs $21.8M refi for apartments on Roosevelt Island
Hudson Companies through the entity Riverwalk Landing, LLC as borrower signed a refi loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $21.8 million for 4 commercial and 37 residential condominium units at 425 Main Street in Roosevelt Island, Manhattan.
The deal closed on May 10, 2024 and was recorded on May 28, 2024. The prior lender was Northeast Bank which held debt that had an original loan amount of $22.7 million. The 41 properties have 47,078 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $463 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 Hudson Companies was David Kramer. The signatory for Emerald Creek Capital was Mark Penna.
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 not received any significant violations in the last year.
The block
On the tax block of 425 Main Street, PincusCo has identified the owners of four of the 13 commercial properties representing 1,202,081 square feet of the 2,403,876 square feet. The largest owner is Related Companies, followed by L+M Development Partners and then AJ Capital Partners.
On the tax block, there were four new building construction projects totaling 494,691 square feet. The largest is a 365-unit, 268,800 square-foot residential (R-2) building submitted by Related Companies and filed by Jamar Adams with plans filed September 4, 2019 and permitted March 29, 2023. The second largest is a 188,603 square-foot business (B) building submitted by NYC Economic Development Corporation and filed by Richard Cote with plans filed December 30, 2014 and permitted April 28, 2015.
The majority, or 59 percent of the 2.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.
The borrower
The PincusCo database currently indicates that Hudson Companies owned at least 61 commercial properties with 2,381 residential units in New York City with 2,555,174 square feet and a city-determined market value of $311.9 million. (Market value is typically about 50% of actual value.) The portfolio has $792.5 million in debt, with top three lenders as MLN Partners, Webster Bank, and Cornell University respectively. Within the portfolio, the bulk, or 69 percent of the 2,555,174 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.
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