Maverick buys $3.4M note secured by mixed-use building in Midtown East

Maverick Real Estate Partners through the entity Midtown Mixed Use LLC bought a note with an original principal of $3.4 million from OceanFirst Bank secured by Noel Tynan’s two-unit mixed-use building (K4) at 57 East 54th Street in Midtown East, Manhattan.
The deal closed on October 28, 2022 and was recorded on November 4, 2022. The prior lender was OceanFirst Bank which held debt that had an original loan amount of $3.4 million. The property has 7,214 square feet of built space and 14,866 square feet of additional air rights for a total buildable of 22,090 square feet according to PincusCo analysis of city data.
Midtown Mixed Use LLC is registered at the law firm of Kriss & Feuerstein and has a principal address at Maverick Real Estate Partners.

Prior sales and revenue

The 7,214-square-foot property generated revenue of $664,911 or $92 per square foot, according to the most recent income and expense figures.

The property

The 57 East 54th Street parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,209 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations 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 Midtown East, the majority, or 82 percent of the 61.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.3 billion in sales volume in the last two years. For development, Midtown East is the most active neighborhood among other neighborhoods. It had 15.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 25 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 73 commercial properties representing 654,125 square feet of the 2,433,013 square feet. The largest owner is Vornado Realty Trust, followed by Boston Properties and then Qatar Investment Authority.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 2.1 million square feet of built space are office buildings, with retail buildings next occupying 11 percent of the space.

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