MAG Partners, Krown Point sign $33M loan with Emerald Creek Capital for 114-unit project in Turtle Bay
MAG Partners and Reggie Kronstadt’s Krown Point Capital through the entity 300 East 50th Street Owner LLC as borrower signed a initial loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $33 million for three properties including the 22-unit residential walkup building at 300 East 50th Street in Turtle Bay, Manhattan.
The deal closed on January 18, 2022 and was recorded on January 31, 2022.
The signatory for MAG Partners and Krown Point Capital was MaryAnne Gilmartin. The signatory for Emerald Creek Capital was Mark Bahiri.
(M00611352) Krown Point filed plans for a 114-unit, 124,031 square-foot residential (R-2) on October 22, 2021.
At the same time, the MAG Partners affiliated entity paid $4.5 million in development rights.
In Turtle Bay, the majority, or 52 percent of the 13.5 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Turtle Bay has had very little sales volume relative to other neighborhoods with $101.3 million in sales volume in the last two years. For development, Turtle Bay has had very little major development activity relative to other neighborhoods.It had 26,950 square feet of commercial and multi-family construction under development in the last two years, which represents 0.20 percent of the neighborhood’s built space.
On the tax block, the majority, or 69 percent of the 510,210 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.
Within a 400-foot radius of 300 East 50th Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Reggie Kronstadt bought the 6,329-square-foot, two-unit mixed-use building (K4) on 932 2nd Avenue for $9 million from Greystone Development on November 8, 2021.
Of those four items, three were loans above $5 million totaling $35.8 million. The most recent of the three was Empire Management which borrowed $18 million from Dime Community Bank secured by the 21,150-square-foot, 25-unit rental (D7) on 242 East 50th Street and two other properties on June 23, 2021.
Direct link to Acris document. link