JRC Management signs $20M refi for two rentals in Alphabet City

JRC Management through the entity Jrc Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $20 million for two rentals including the 79-unit rental (D9) at 144 East 7th Street in Alphabet City, Manhattan and 39-unit rental (D1) at 150 East 7th Street in Alphabet City, Manhattan.
The deal closed on October 26, 2021 and was recorded on November 1, 2021.
The two properties have 54,455 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $367 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 JRC Management was Richard Podpirka.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $76,000. One of the projects were to change the building from a RES to a R-2 and were permitted on March 6, 2019.
The owners according to the Department of Housing Preservation and Development includes Richard Podpirka, head officer and Charles Podpirka, officer. The business entity is Jrc Realty Llc.

Within a 400-foot radius of 144 East 7th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Riaz Badrudin Valani bought the 16,581-square-foot, 10-unit rental (D7) on 109 Avenue A for $20.8 million from Seth Tapper on March 4, 2020.
One of those two items was a loan which Riaz Badrudin Valani borrowed $13.5 million from Citibank secured by the 16,581-square-foot, 10-unit rental (D7) on 109 Avenue A on March 4, 2020.

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