Jordan Errico signs $12.9M refi with Flagstar Bank for retail in Midtown East

Jordan Errico through the entity 54th Street, LLC as borrower signed a refi loan with lender Flagstar Bank valued at $12.9 million for the retail condo at 250 East 54th Street in Midtown East, Manhattan. The gym Equinox is the retail tenant in the space.
The deal closed on May 9, 2023 and was recorded on May 24, 2023. The prior lender was TD Bank which held debt that had an original loan amount of $5.7 million.
The property has 16,442 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $786 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 Jordan Errico was Jordan Errico. The signatory for Flagstar Bank was Alan L. Kaufman.

The property

The retail condo in Midtown East has 16,442 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 16,442 square feet. The city-designated market value for the property in 2022 is $6.5 million. The most recent loan totaled $5.7 million and was provided by TD Bank on May 6, 2022.

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

For the tax lot building, it received an initial certificate of occupancy on October 26, 2018. 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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.9 billion in sales volume in the last two years. For development, Midtown East is the most active neighborhood among other neighborhoods. It had 17.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 27 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 733,965 square feet of the 809,400 square feet. The largest owner is Yee Chee Lin, followed by Sol Goldman Investments and then Peter Ting.
On the tax block, there were two new building construction projects totaling 287,685 square feet. The largest is a 130-unit, 245,946 square-foot residential (R-2) building submitted by Shaz Mossanen with plans filed October 28, 2015 and permitted September 19, 2017. The second largest is a 29-unit, 41,739 square-foot residential (R-2) building submitted by Abraham Lokshin and filed by Abraham Lokshin with plans filed November 13, 2019 and it has not been permitted yet.

The majority, or 72 percent of the 809,400 square feet of built space are office buildings, with elevator buildings next occupying 13 percent of the space.

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