Max Drivin signs $7.5M refi with Arbor for two walkups in East Harlem

Max Drivin through the entity 2146-48 Second Avenue DE LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Agency Lending, LLC valued at $7.5 million for two residential walkup properties with 32 residential units including the 16-unit residential walkup building (C7) at 2146 2nd Avenue and the 16-unit residential walkup building (C7) at 2148 2nd Avenue in East Harlem, Manhattan.
The deal closed on June 30, 2023 and was recorded on July 19, 2023. The prior lender was COMM 2013-CCRE10 which held debt that had an original loan amount of $6.3 million.The two properties have 21,037 square feet of built space and 17,236 square feet of additional air rights for a total buildable of 38,276 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $356 and the price per buildable square foot is $195 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 Max Drivin was Maksim Drivin. The signatory for Arbor Realty Trust was Kenneth Dowling.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2146 2nd Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Max Drivin, head officer and Scott Zwilling, officer. The business entity is 2146-48 Second Avenue De Llc. The two properties with a total of 21,037 square feet of built space generated revenue of $746,550 per year or $35 per square foot.

The property

The residential walkup building with 16 residential units in East Harlem has 21,037 square feet of built space and 17,236 square feet of additional air rights for a total buildable of 38,276 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,591 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million.

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 received $1,725 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 the tax block of 2146 2nd Avenue, PincusCo has identified the owners of six of the 11 commercial properties representing 55,629 square feet of the 95,046 square feet. The largest owner is Ross And Ross Llc, followed by Prana Investments and then Hope Community.
On the tax block, there were two new building construction projects totaling 30,094 square feet. The largest is a 17-unit, 15,047 square-foot residential (R-2) building submitted by Chris Tao with plans filed August 29, 2014 and it has not been permitted yet. The second largest is a 17-unit, 15,047 square-foot residential (R-2) building submitted by Mark Ng with plans filed August 30, 2018 and it has not been permitted yet.

The majority, or 82 percent of the 95,046 square feet of built space are walkup buildings, with specialty buildings next occupying 18 percent of the space.

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