L+M signs $90M acquisition loan for 1,590-unit Knickerbocker in Two Bridges

L+M Development Partners through the entity Knickerbocker Village, Inc. as borrower signed an acquisition loan with lender Wells Fargo valued at $90 million for the 1,590-unit residential elevator building (D6) at 10 and 20 Monroe Street in Two Bridges, Manhattan.
The deal closed on April 25, 2024 and was recorded on May 10, 2024. The property has 1,396,625 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $64 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 owner bought the property on April 25, 2024, for $84.6 million. The signatory for L+M Development Partners was Eben Ellertson. The signatory for Wells Fargo was Christian Adrian. Wells Fargo immediately assigned the loan to Fannie Mae.

The property

The residential elevator building with 1,590 residential units in Two Bridges has 1,396,625 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 635 feet and is 376 feet deep with a total lot size of 216,905 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $65.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations, 10 housing violations, and $3,000 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 1,396,625 square feet on the block.The identified owner is L+M Development Partners.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that L+M Development Partners owned at least 225 commercial properties with 21,982 residential units in New York City with 20,966,613 square feet and a city-determined market value of $2.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.2 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 84 percent of the 20,966,613 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Manhattan next at 39 percent of the space.

Direct link to Acris document. link