Landsea Homes signs $35M refi loan with Fort Amsterdam Capital for 20-unit project in Upper West Side

Landsea Homes through the entity 212 West 93rd Street as borrower signed a refi loan with lender Fort Amsterdam Capital valued at $35 million for the 20-unit residential elevator building (D6) at 212 West 93rd Street in Upper West Side, Manhattan. Fort Amsterdam Capital shares an address and executives with multifamily landlord Sugar Hill Capital Partners.
The deal closed on November 3, 2022 and was recorded on November 14, 2022. The prior lender was Axos Bank which held debt that had an original loan amount of $40 million. The property has 60,908 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $574 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 Landsea Homes was Qin Zhou. The signatory for Fort Amsterdam Capital was Margaret Grossman.

The property

The 212 West 93rd Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,553 square feet. The lot is irregular. 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 $12.2 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 one DOB violation and $1,050 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 20-unit, 48,935 square-foot R-2 building. The project was developed by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019. On the tax lot, the most recent condominium plan was filed by 212 WEST 93RD STREET LLC to create 20 residential units and 1 commercial units in a building at 212 West 93rd Street in Upper West Side, Manhattan, called 212 West 93rd Street Condominiumthat has a $84.4 million sellout, according to an October 2, 2019 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 554,995 square feet of the 757,648 square feet. The largest owner is Acuity Capital Partners, followed by Stellar Management and then Lightstone Group.
On the tax block, there was one new building construction project filed totaling 48,935 square feet. It is a 20-unit, 48,935-square-foot R-2 building developed by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019.

The majority, or 61 percent of the 750,303 square feet of built space are elevator buildings, with hotel buildings next occupying 37 percent of the space.

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