Myron Berman signs $11M loan with Infinity Capital for two rentals in East Harlem
Myron J. Berman through the entity Ate Kays 2 LLC as borrower signed a loan with lender Infinity Capital Partners through the entity Infinity Commercial Lending, LLC valued at $11 million for two residential elevator properties with 41 residential units including the 22-unit residential elevator building (D3) at 178 East 117th Street in East Harlem, Manhattan and 19-unit residential elevator building (D1) at 160 East 117th Street in East Harlem, Manhattan.
The deal closed on March 20, 2024 and was recorded on April 4, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $15.1 million.The two properties have 62,256 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $176 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 Myron J. Berman was Myron J. Berman. The signatory for Infinity Capital Partners was Dolly Laubach.
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 160 East 117th Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Myron Berman, head officer and Tara Carbonaro, officer. The business entity is Ate Kays 2 Llc.
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 four DOB violations and $462 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 160 East 117th Street, PincusCo has identified the owners of 15 of the 47 commercial properties representing 246,631 square feet of the 509,061 square feet. The largest owner is Srinivasa Rao Tummalapenta, followed by Raymond Chakkalo and then Nuevo El Barrio Para La Rehabilitacion De La Vivienda Y La Economia, Inc..
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 509,061 square feet of built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space.
The borrower
The PincusCo database currently indicates that Myron J. Berman owned at least two commercial properties in New York City with 13,300 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio has $13.7 million in debt, borrowed from 360 Capital Funding and Flushing Bank. Within the portfolio, the bulk, or 100 percent of the 13,300 square feet of built space are industrial properties, with V1 properties next occupying 0 percent of the space. They are all located in Queens.
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