James Ross signs $18M refi loan with Securian Financial for 142-unit rental in Hell’s Kitchen

James Ross of Rossrock LLC, through the entity Rossmil Associates as borrower signed a refi loan with lender Securian Financial Group through the entity Minnesota Life Insurance Company valued at $18 million for the 142-unit residential elevator building (D7) at 350 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on March 15, 2024 and was recorded on March 20, 2024. The prior lender was Empower Annuity Insurance Company of America which held debt that had an original loan amount of $18 million.

The property has 123,925 square feet of built space and 38,937 square feet of additional air rights for a total buildable of 162,780 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $145 and the price per buildable square foot is $110 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 James Ross was James H. Ross. The signatory for Securian Financial Group was Jennifer L. Wolf. Minnesota Life Insurance Company is a division of Securian. James H. Ross is son of the late Howard and Nanette Ross.  James Ross owns Rossrock LLC, for years located at 150 East 52nd Street, which is a former location for the owner entity of this building.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes James Ross, head officer and Calynne Oyolokor, officer. The business entities are Firstservice Residential and Rossmil Associates LP.

The property

The residential elevator building with 142 residential units in Hell’s Kitchen has 123,925 square feet of built space and 38,937 square feet of additional air rights for a total buildable of 162,780 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 200 feet deep with a total lot size of 27,040 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $25.3 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 received one DOB violation, one housing violation, and $75 in OATH penalties 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 this tax block, PincusCo has identified the owners of 11 of the 25 commercial properties representing 668,061 square feet of the 921,302 square feet. The largest owner is Triumph Real Estate Management, followed by Standard Companies and then Relo Redac Inc.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 921,302 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

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