Hudson Companies signs $97.5M refi with Cornell for 352-unit housing in Roosevelt Island
Hudson Companies through the entity Hudson Cornell Tech LLC as borrower signed a refi loan with lender Cornell University through the entity Cornell University valued at $97.5 million for the student and teacher housing building with 352 residential units at 1 East Loop Road in Roosevelt Island, Manhattan. The dormitory building is divided into two condominium units, one with the residential units and one covering the other space.
The deal closed on April 15, 2024 and was recorded on April 30, 2024. The prior lender was Wells Fargo which held debt that had an original loan amount of $97.6 million.
The two units have 266,963 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $365 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 Cornell University was Christopher J. Cowen.
The property
The building with 352 residential units in Roosevelt Island has 266,963 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 264,588 square feet. The city-designated market value for the property in 2022 is $66 million.
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.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 1 East Loop Road, 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 $695 million in debt, with top three lenders as MLN Partners, Webster Bank, and Santander Bank 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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