Nabil Chartouni signs $16M refi for Lowell Hotel in Lenox Hill

Nabil Chartouni through the entity Lowell Hotel Properties LLC as borrower signed a refi loan with lender Bank of America valued at $16 million for the Lowell Hotel building (H1) at 28 East 63rd Street in Lenox Hill, Manhattan.
The deal closed on April 10, 2024 and was recorded on April 11, 2024. The property has 69,725 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $229 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 Nabil Chartouni was Nabil Chartouni. The New York Times reported on the Lowell Hotel in 1987. 

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Fouad Chartouni, head officer and Marilyn Cafone, officer. The business entity is Lowell Hotel Assocuates, Lp.

The property

The hotel building in Lenox Hill has 69,725 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 100 feet deep with a total lot size of 5,873 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $37.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $7,450 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 neighborhood

In Lenox Hill, The bulk, or 35 percent of the 52 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4 billion in sales volume in the last two years. For development, Lenox Hill is the 10th most active neighborhood among other neighborhoods. It had 4.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 22 commercial properties representing 127,851 square feet of the 425,089 square feet. The largest owner is SL Green Realty, followed by Ronald Perelman.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 425,089 square feet of built space are hotel buildings, with office buildings next occupying 28 percent of the space.

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