LeFrak signs $22.5M refi loan with M&T Bank for rental in Sutton Place
LeFrak through the entity 417 East Realty Limited Partnership as borrower signed a refi loan with lender M&T Bank through the entity M&T Realty Capital Corporation valued at $22.5 million for the 125-unit rental at 417 East 57th Street in Sutton Place, Manhattan.
The deal closed on September 30, 2021 and was recorded on October 15, 2021.
The property has 105,734 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $212 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 LeFrak was Arnold S. Lehman.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $263,000.
The owners according to the Department of Housing Preservation and Development includes Joseph Rooney, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and 417 East Realty Limited Partnership.
Within a 400-foot radius of 417 East 57th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 18, 2020 for the $400,000 renovation of one-square-foot R-2 building with 268 residential units at 400 East 57th Street.
One of those five items was a sale which A&E Real Estate Holdings bought the 140,000-square-foot, 133-unit rental (D6) on 400 East 58th Street for $62 million from SL Green Realty and Stonehenge Management on September 15, 2020.
Of those five items, three were loans above $5 million totaling $147.1 million. The most recent of the three was SL Green Realty which borrowed $96.5 million from Apollo Global Management secured by the 290,482-square-foot, 269-unit rental (D1) on 1026 1st Avenue on October 4, 2021.
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