Lightstone Group borrows $20M in purchase money for UWS multifamily acquisition

May 21, 2020 7:26 am

The Lightstone Group borrowed $20 million in purchase money mortgages for the $37 million acquisition of adjacent multifamily properties on the Upper West Side, in two transactions for 305-319 West 99th Street.

In the first, the Lightstone Group through the entity 309 West 99th Street Associates LLC as borrower signed a loan agreement with purchase money mortgage lender Sofia Einy through the entity Sharon Realty, LLC valued at $10 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 46 residential units at 305 West 99th Street in the Upper West Side. The deal closed on May 19, 2020 and was recorded on May 20, 2020.
The property contains a total of 48,099 square feet of built space.
The average loan per unit is $217,391.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $50,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $172,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, the Lightstone Group through the entity 317 West 99th Street Associates LLC as borrower signed a loan agreement with lender Sofia Einy through the entity Dan Company, LLC valued at $10 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 34 residential units at 317 West 99th Street in the Upper West Side. The deal closed on May 19, 2020 and was recorded on May 20, 2020.
The property contains a total of 47,851 square feet of built space.
The average loan per unit is $294,118.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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