MGA Management signs $95M refi loan with Morgan Stanley for two UWS rentals

MGA Management Corp. through the entity G & L Realty Delaware LLC as borrower signed a refi loan with lender Morgan Stanley Bank valued at $95 million for two rentals including the 89-unit rental (D6) at 261 Amsterdam Avenue in the Upper West Side, Manhattan and the 75-unit rental (D6) at 269 Amsterdam Avenue in the Upper West Side, Manhattan.
The deal closed on April 27, 2021 and was recorded on May 18, 2021.
The two properties have 222,767 square feet of built space and 19,515 square feet of additional air rights for a total buildable of 242,290 square feet according to PincusCo analysis of city data. The loan price per built square foot is $426 and the price per buildable square foot is $392 per the PincusCo analysis.
The signatory for MGA Management Corp. was Michael E. Laub.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $1.7 million.
The owners according to the Department of Housing Preservation and Development includes Michael Laub, head officer and Scott Weiss, agent. The business entities are G & L Realty Delaware Llc and G & L Realty Delaware Llc.

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