Michael Aryeh signs $21.4M refi for four properties in Harlem

Michael Aryeh through the entity 2162-68 8th Avenue Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $21.4 million for four properties including the 66-unit residential elevator building at 2162 Frederick Douglass Boulevard in Harlem, Manhattan, 15-unit residential walkup building at 276 West 117th Street in Harlem, Manhattan, and 15-unit residential walkup building at 278 West 117th Street in Harlem, Manhattan.
The deal closed on December 30, 2021 and was recorded on January 25, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $22.8 million.
The four properties have 54,395 square feet of built space and 26,510 square feet of additional air rights for a total buildable of 80,919 square feet according to PincusCo analysis of city data. The loan price per built square foot is $392 and the price per buildable square foot is $264 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 Michael Aryeh was Michael Aryeh. The signatory for JPMorgan Chase was Jennifer Smith.
The four properties with a total of 54,395 square feet of built space generated revenue of $1.8 million per year or $33 per square foot.

In Harlem, the bulk, or 42 percent of the 99.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $607.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 52 percent of the 476,874 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 35 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Michael Aryeh, head officer and Brian Newman, officer. The business entity is 2162-68 8th Avenue Realty Llc.

Within a 400-foot radius of 2162 8th Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $648,013 and one permit with a total initial cost of $1 million. The most recent of these two items was the permit on October 15, 2020 for a 9,315-square-foot R-2 building with 14 residential units at 264 West 117th Street.
Of those seven items, five were loans above $5 million totaling $80.2 million. The most recent of the five was Artimus which borrowed $42.9 million from Barings secured by the 97,052-square-foot, 104-unit rental (D1) on WEST 117th Street on October 18, 2021.

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