Movcap signs $19.2M acquisition loan with Berkadia for 41-unit mixed-use in East Village

Movcap through the entity 19-23 St. Marks Place Apartments Owner LLC as borrower signed a acquisition loan with lender Berkadia Commercial Mortgage through the entity 19-23 St. Marks Place Apartments Capital LLC valued at $19.2 million for three properties with 41 residential units including the 30-unit property at 19 St Marks Place in East Village, Manhattan, retail building (K2) at 19 St Marks Place in East Village, Manhattan, and 11-unit property at 19 St Marks Place in East Village, Manhattan.
The deal closed on November 8, 2024 and was recorded on December 10, 2024. The prior lender was UBS Realty Investors which held debt that had an original loan amount of $34 million.The three properties have 53,219 square feet of built space and 19,362 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $638 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 Movcap was Lawrence Yeheskel Movtady. The signatory for Berkadia Commercial Mortgage was Carol A. Peycke. UBS obtained a $34 million loan from UBS to buy the building for $35.028 million in 2020. With the Movcap purchase for $27.5 million on November 8, 2024, UBS split the $34 million into $19.2 million and $14.8 million. The larger was assigned to Berkadia and is the Movcap acquisition loan, while the smaller portion was paid off.

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 $1,700 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 19 St Marks Place, PincusCo has identified the owners of 16 of the 30 commercial properties representing 162,008 square feet of the 270,844 square feet. The largest owner is Gpg Properties, followed by Derby Copeland Capital and then Movcap.
On the tax block, there was one new building construction project filed totaling 29,089 square feet. It is a 29,089 square-foot business (B) building submitted by Mark Seigel with plans filed October 12, 2018 and permitted April 27, 2023.

The majority, or 56 percent of the 270,844 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Movcap owned at least nine commercial properties with 78 residential units in New York City with 87,334 square feet and a city-determined market value of $44 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 87,334 square feet of built space are walkup properties, with retail properties next occupying 18 percent of the space. They are all located in Manhattan.

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