Jack Resnick & Sons provides $9M loan for a Resnick-owned professional unit in Lenox Hill

Jack Resnick & Sons through the entity 428 E. 72nd St. LLC as borrower signed a refi loan with lender Jack Resnick & Sons through the entity Jack Resnick & Sons, Inc. valued at $9 million for the professional condominium unit at 422 East 72nd Street in Lenox Hill, Manhattan.
The deal closed on November 5, 2024 and was recorded on November 26, 2024. The prior lender was Prudential Financial which held debt that had an original loan amount of $9 million.The property has 26,872 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $334 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 Jack Resnick & Sons was Stephen J. Rotter, company CFO. The signatory for Jack Resnick & Sons was Jonathan D. Resnick.

The property

The office condo in Lenox Hill has 26,872 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 26,872 square feet. The city-designated market value for the property in 2022 is $16.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has 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 neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Lenox Hill has 3.1 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 430,459 square feet of the 565,820 square feet. The two identified owners are NewYork-Presbyterian and Jack Resnick & Sons.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 565,820 square feet of built space are elevator buildings, with specialty buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Jack Resnick & Sons owned at least eight commercial properties with 388 residential units in New York City with 2,206,802 square feet and a city-determined market value of $598.1 million. (Market value is typically about 50% of actual value.) The portfolio has $150 million in debt, borrowed from Prudential Financial and JPMorgan Chase. Within the portfolio, the bulk, or 84 percent of the 2,206,802 square feet of built space are office properties, with elevator properties next occupying 14 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link