L&L Capital Partners buys $8.7M note secured by office building in Carnegie Hill

L&L Capital Partners, with an address at Superior Management, bought a note with an original principal of $8.7 million from Preferred Bank secured by Hesky Haim and Isaac Saidmehr’s office building (O2) at 168 East 80th Street in Carnegie Hill, Manhattan.
The deal closed on August 31, 2022 and was recorded on September 27, 2022. The prior lender was Preferred Bank which held debt that had an original loan amount of $8.7 million. The property has 8,637 square feet of built space and 1,583 square feet of additional air rights for a total buildable of 10,216 square feet according to PincusCo analysis of city data.
The owner bought the property on May 29, 2015, for $9.1 million. L&L Capital Partners has an address at the Nagin family’s Superior Management at 50 Bank Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Hesky Haim, head officer and Isaac Saidmehr, officer. The business entity is 194 Orchard Group Llc.

The property

The 168 East 80th Street parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $8.7 million commercial foreclosure concerning a loan filed on June 15, 2022, by Preferred Bank against Hesky Haim and Isaac Saidmehr. In addition, according to city public data, the property has received $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 neighborhood

In Carnegie Hill, the majority, or 57 percent of the 13.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Carnegie Hill has 3.3 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 13th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 786,730 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 255,227 square feet of the 347,463 square feet. The largest owner is Stahl Real Estate, followed by Simon Oren and then Ely Samuels.
On the tax block, there was one new building construction project filed totaling 113,453 square feet. It is a 33-unit, 113,453-square-foot R-2 building developed by Victor Sigoura with plans filed April 24, 2019 and permitted February 5, 2020.

the majority, or 70 percent of the 346,811 square feet of built space are elevator buildings, with mixed-use buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Hesky Haim owned at least one commercial property in New York City with 7,975 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Bank of Hope. The portfolio consists of at least a single mixed-use property. It is located in Manhattan.
The PincusCo database currently indicates that Isaac Saidmehr owned at least one commercial property in New York City with 7,975 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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