KeyBank files 9 pre-foreclosure cases totaling $55.5 million at City Skyline rentals

KeyBank as special servicer for the loan trusts Series 2019-SB67 and Series 2018-SB53, filed nine pre-foreclosure actions in New York State Supreme Court in Manhattan yesterday that allege nine loans with a combined original principal of $55.5 million and secured by City Skyline Realty rentals in Manhattan and the Bronx, were in default. The special servicer alleges the loans are in monthly interest payment defaults, and tax payment defaults.

Douglas Peterson, who leads City Skyline Realty, obtained the financing in 2018 and 2019 for the buildings 517 West 161st Street, 446 West 164th Street, 1484 Amsterdam Avenue, 537 West 150th Street, 541 West 144th Street, 1075 Nelson Avenue, 516 West 136th Street and 2105 Ryer Avenue. The loans are each between $5 million and $7.5 million.
Case LINK for 517 West 161st Street

City Skyline Realty has a portfolio of about 45 buildings with 1,297 residential units, according to a PincusCo analysis of property records.

The elevator building at 517 West 161st Street with 41 residential units in Washington Heights has 21,426 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 4,996 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.

The walkup building at 446 West 164th Street with 21 residential units in Washington Heights has 14,625 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 112 feet deep with a total lot size of 4,212 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 million.

The walkup building at 1484 Amsterdam Avenue with 28 residential units in Harlem has 15,929 square feet of built space and 80 square feet of additional air rights for a total buildable of 16,000 square feet.

The walkup building at 537 West 150th Street with 21 residential units in Harlem has 17,270 square feet of built space according to a PincusCo analysis of city data.

The walkup building at 541 West 144th Street with 20 residential units in Harlem has 14,190 square feet of built space and 1,798 square feet of additional air rights for a total buildable of 15,988 square feet according to a PincusCo analysis of city data.

The elevator building at 1075 Nelson Avenue with 37 residential units in Highbridge has 36,900 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 102 feet deep with a total lot size of 7,500 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

The walkup building at 516 West 136th Street with 24 residential units in Harlem has 15,048 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 99 feet deep with a total lot size of 3,747 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million.

The walkup building at 2105 Ryer Avenue with 53 residential units in Fordham Heights has 41,735 square feet of built space and 31,907 square feet of additional air rights for a total buildable of 73,594 square feet according to a PincusCo analysis of city data. The parcel has frontage of 122 feet and is 103 feet deep with a total lot size of 12,225 square feet. 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 $2.3 million.

Direct link to the property’s 1486 Amsterdam Avenue ACRIS page
Direct link to the property’s 539 West 150th Street ACRIS page
Direct link to the property’s 543 West 144th Street ACRIS page