Maverick files pre-foreclosure on $10.3M loan secured by 25-unit Kips Bay walkup

Maverick Real Estate Partners through the entity 27th Street Multifamily LLC filed a pre-foreclosure action related to a note with an original principal of $10.3 million that is secured by Anthony Tristani’s 25-unit residential walkup building (C1) at 230 East 27th Street in Kips Bay, Manhattan.

This filing comes just over a month after Maverick Real Estate Partners bought the note from BankUnited, as PincusCo reported at the time.

The property has 18,570 square feet of built space according to PincusCo analysis of city data.
The owner bought the property on October 9, 2015, for $19.5 million.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Anthony Tristani, head officer and Ryan Archer, agent. The business entities are Lisa Management and 84th North Street Realty Llc. The 18,570-square-foot property generated revenue of $969,936 or $52 per square foot, according to the most recent income and expense figures.

The property

The 230 East 27th Street parcel has frontage of 45 feet and is 98 feet deep with a total lot size of 4,444 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.8 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 received 14 housing violations and $930 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 32,870 square feet of the 576,415 square feet. The largest owner is Bow Yok Wong, followed by Arbor Management Acquisition Company aka AMAC Holdings and then Croman Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 576,415 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Anthony Tristani owned at least two commercial properties in New York City with 37,575 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $23.3 million in debt, borrowed from Investors Bank. Within the portfolio, all identified are industrial properties. They are all located in Queens.

Direct link to Acris document. link