Marc Shore signs $41.8M refi with New York Community for elevator building in Yorkville

Marc Shore through the entity 244 East 86th Street LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $41.8 million for the 33-unit residential elevator building at 242-246 East 86th Street in Yorkville, Manhattan.
The deal closed on August 1, 2021 and was recorded on February 1, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $44 million.
The property has 54,763 square feet of built space and 47,402 square feet of additional air rights for a total buildable of 102,160 square feet according to PincusCo analysis of city data. The loan price per built square foot is $762 and the price per buildable square foot is $408 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 Marc Shore was Marc Shore. The signatory for New York Community Bank was John Feijoo.
The 54,763-square-foot property generated revenue of $3.5 million or $64 per square foot, according to the most recent income and expense figures.

There is no new debt.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 66 percent of the 666,529 square feet of built space are residential elevator buildings, with office buildings next occupying 11 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Marc Shore, head officer and Jonathan Simon, officer. The business entity is 244 East 86th St Llc.

Within a 400-foot radius of 242-246 East 86th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on September 23, 2021 for a 146,910-square-foot R-2 building with 68 residential units at 310 East 86th Street.
One of those five items was a sale which 220 East 86Th Street Lp bought the 38,590-square-foot, 48-unit rental (D6) on 220 East 86th Street for $14 million from Bremen House Inc. on January 21, 2021.
Of those five items, three were loans above $5 million totaling $113.7 million. The most recent of the three was Izaki Group Investments which borrowed $81.8 million from Bank Leumi secured by the 0-square-foot development site (V1) on 314 East 86th Street and four other properties on September 17, 2021.

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