Joseph Soufer, Lynn Mitrani sign $9.5M refi loan with TD Bank for retail in Lenox Hill

Joseph Soufer and Lynn Mitrani through the entity S & S Madison Associates as borrower signed a refi loan with lender TD Bank valued at $9.5 million for the two-unit retail building at 1011 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on March 18, 2022 and was recorded on March 29, 2022. The prior lender was TD Bank which held debt that had an original loan amount of $7 million.The property has 27,318 square feet of built space and 23,664 square feet of additional air rights for a total buildable of 51,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $347 and the price per buildable square foot is $186 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 Joseph Soufer and Lynn Mitrani was Joseph Soufer and Lynn Mitrani. The signatory for TD Bank was Leslie Robertson.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Rozita Shay, head officer and Lynn Mitrani, officer. The business entity is S & S Madison Associates. The 27,318-square-foot property generated revenue of $3.1 million or $112 per square foot, according to the most recent income and expense figures.

The property

The 1011 Madison Avenue parcel has frontage of 45 feet and is 91 feet deep with a total lot size of 5,100 square feet. The lot is irregular. The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15.9 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Lenox Hill, the majority, or 56 percent of the 91.2 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Lenox Hill has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Lenox Hill has had very little major development activity relative to other neighborhoods.It had 436,108 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 29 commercial properties representing 25,182 square feet of the 428,686 square feet. The largest owner is Danny Bensusan, followed by Sol Goldman Investments and then Aryeh Realty. There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 1 million square feet of built space are residential elevator buildings, with office buildings next occupying 13 percent of the space.

Surrounding

Within a 400-foot radius of 1011 Madison Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.

Of those six items, five were loans above $5 million totaling $172.5 million. The most recent of the five was Gerald P. Peters which borrowed $7.1 million from Standard Insurance Company secured by the 3,536-square-foot, one-unit townhouse (A4) on 24 East 78th Street on February 24, 2021.

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