MHANY signs $26.4M renovation loan for two walkups in Washington Heights
MHANY Management through the entity MHANY 2023 HOLDINGS LLC as borrower signed a renovation construction loan with lender Community Preservation Corporation through the entity CPC Funding SPE 1 LLC valued at $26.4 million for two residential walkup properties with 51 residential units including the 25-unit residential walkup building (C7) at 609 West 158th Street in Washington Heights, Manhattan and 26-unit residential walkup building (C1) at 9 Ft Washington Avenue in Washington Heights, Manhattan.
The deal closed on January 12, 2024 and was recorded on February 7, 2024. The two properties have 39,225 square feet of built space and 32,293 square feet of additional air rights for a total buildable of 71,529 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $672 and the price per buildable square foot is $368 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 MHANY Management was Ismene Speliotis. For two buildings with 50 units.
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 609 West 158th Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Ismene Speliotis, site manager. The business entity is Restoring Communities Hdfc.
The property
The residential walkup building with 25 residential units in Washington Heights has 39,225 square feet of built space and 32,293 square feet of additional air rights for a total buildable of 71,529 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 115 feet deep with a total lot size of 5,775 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Audubon Park Historic District. The city-designated market value for the property in 2022 is $2.1 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 one DOB violation and $5,080 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 609 West 158th Street, PincusCo has identified the owners of 22 of the 40 commercial properties representing 1,436,216 square feet of the 2,800,066 square feet. The largest owner is Sugar Hill Capital Partners, followed by Lazer Sternhell and then Alma Realty.
There are no active new building construction projects on this tax block.
The majority, or 72 percent of the 2.8 million square feet of built space are elevator buildings, with industrial buildings next occupying 21 percent of the space.
The borrower
The PincusCo database currently indicates that MHANY Management owned at least 103 commercial properties with 1,880 residential units in New York City with 1,773,380 square feet and a city-determined market value of $186.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 1,773,380 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 27 percent of the space.
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