Monadnock signs $25M refi with Amalgamated for office building in Mott Haven

Monadnock Development through the entity Ram Hotel LLC as borrower signed a refi loan with lender Amalgamated Bank through the entity Amalgamated Bank valued at $25 million for the office building (O5) at 110 East 149th Street in Mott Haven, Bronx.
The deal closed on October 14, 2021 and was recorded on October 28, 2021.
The property has 60,969 square feet of built space and 20,589 square feet of additional air rights for a total buildable of 81,546 square feet according to PincusCo analysis of city data. The loan price per built square foot is $410 and the price per buildable square foot is $306 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 Monadnock Development was Kirk Goodrich.
(220151537) Plans for a 152-unit, 56,943 square-foot B were filed on November 25, 2014 and were permitted on November 1, 2019. Those plans were changed and in 2020 CityRealty reported the new project was an office building.
Within a 400-foot radius of 110 East 149th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Nikul J. Patel borrowed $15.6 million from Metropolitan Commercial Bank secured by the 0-square-foot, 67-unit rental (D9) on 500 Exterior Street on January 10, 2020.

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