Kibel signs $75M loan with Morgan Stanley for rental in Kips Bay

Kibel Companies through the entity Hkal 34th Street Lp as borrower signed a refi loan with lender Morgan Stanley Bank valued at $75 million for the 355-unit rental (D6) at 604 Second Avenue in Kips Bay, Manhattan.
The deal closed on May 28, 2021 and was recorded on June 16, 2021.
The property has 366,200 square feet of built space and 0 square feet of additional air rights for a total buildable of 303,650 square feet according to PincusCo analysis of city data. The loan price per built square foot is $204 per the PincusCo analysis.
The signatory for Kibel Companies was Lee Ryback.
Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $9.9 million.
The financing includes a $22.5 million gap loan.
The owners according to the Department of Housing Preservation and Development includes Peter Levenson, head officer and Victor Hernandez, site manager. The business entities are Kibel Companies Llc and Hkal 34th Street Limited Partnership.
Within a 400-foot radius of 604 2nd Avenue, PincusCo identified four commercial real estate items of interests that occurred over the past 24 months.
Of those four items, two were in new building development. There was one new building permit application and one new building permit. The most recent of these two items was a permit on March 30, 2021 for a 22,076-square-foot R-2 building with 30 residential units at 609 Second Avenue.
Of those four items, two were loans above $5 million totaling $23.6 million. The most recent of the two was Nathan Halegua which borrowed $6.7 million from Signature Bank secured by the 11,586-square-foot, 24-unit rental (C4) on 320 East 34th Street and one other property on February 18, 2021.

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