Lender Bethpage Federal acquires 20 commercial condo units in Gramercy with $9.5M value

Lender Bethpage Federal Credit Union through the entity Business Services Group 305 2nd Ave, LLC acquired from former owner Winthrop D. Chamberlin through the entity 305 Commercial LLC 20 office condominium units at 305 Second Avenue in Gramercy, Manhattan. The transfer was valued at $9.5 million. The mixed-use building has both residential condos and commercial condos, many with professional and doctor occupants.
The deal closed on November 6, 2023 and was recorded on November 16, 2023. The 20 properties have 21,228 square feet of built space according to a PincusCo analysis of city data. The transfer price per built square foot is $447 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 Winthrop D. Chamberlin was Winthrop D. Chamberlin. The signatory for Bethpage Federal Credit Union was Andrew Lendzioszek. The contract date was September 8, 2023. In this instance, the lender Bethpage is taking back the property that had a $9 million loan provided in 2016. These are commercial condo units.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bethpage Federal Credit Union had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Winthrop D. Chamberlin had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condos in Gramercy has 21,228 square feet of built space according to a PincusCo analysis of city data.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has 1.3 times the average sales volume among other neighborhoods with $443.4 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Gramercy has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 872,939 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 305 2nd Avenue, PincusCo has identified the owners of one of the six commercial properties representing 5,600 square feet of the 64,483 square feet.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 64,483 square feet of built space are hotel buildings, with walkup buildings next occupying 47 percent of the space.

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