Labe Twerski signs $12.8M refi loan with New York Community Bank for residential elevator in Hell’s Kitchen

Labe Twerski through the entity 427 West 51st Street Owners Corp. as borrower signed a refi loan with lender New York Community Bank valued at $12.8 million for the 80-unit residential elevator building (D1) at 427 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on September 1, 2022 and was recorded on November 2, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $12.8 million.The property has 46,914 square feet of built space and 20,190 square feet of additional air rights for a total buildable of 67,153 square feet according to PincusCo analysis of city data. The loan price per built square foot is $273 and the price per buildable square foot is $191 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 Labe Twerski was Labe Twerski. The signatory for New York Community Bank was Francesco Pizzolla.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Labe Twerski, head officer. The business entity is 427 W 51 Street.Owners Corp. The 46,914-square-foot property generated revenue of $1.5 million or $32 per square foot, according to the most recent income and expense figures.

The property

The 427 West 51st Street parcel has frontage of 111 feet and is 100 feet deep with a total lot size of 11,155 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 $7.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 10 housing violations and $50 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of 10 of the 27 commercial properties representing 157,689 square feet of the 329,009 square feet. The largest owner is Croman Real Estate, followed by Residential Management (NY) and then Ed Adler.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 329,009 square feet of built space are walkup buildings, with elevator buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Labe Twerski owned at least five commercial properties in New York City with 313,302 square feet and a city-determined market value of $16.2 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from JPMorgan Chase and New York Community Bank. Within the portfolio, the bulk, or 71 percent of the 313,302 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 61 percent of the built space, is in Bronx, with Brooklyn next at 20 percent of the space.

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