Namdar buys $33.4M note secured by Benenson’s Lenox Hill retail

Namdar Realty Group through the entity Fifty Ninth Holdings LLC bought a note with an original principal of $33.4 million from M&T Bank secured by Benenson Capital Partners’s retail at the base of a 234-unit cooperative elevator building (D4) at 127 East 59th Street, also known as 118 East 60th Street in Lenox Hill, Manhattan.
The deal closed on May 10, 2024 and was recorded on May 23, 2024.

The signatory for Benenson Capital Partners was Richard A. Kessler. The note buyer is in care of Namco Realty LLC. 

Benenson borrowed $33.4 million to fund the redevelopment of the retail in the building, as the Commercial Observer reported at the time.

Benenson Capital Partners as ground leased fee owner took full control of 400 Park Avenue from ground tenant Waterman Interests, and the ground lease was extinguished through a lease termination.

The property

The block-through parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 24,100 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial.

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 one DOB violation and $3,050 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 405,355 square feet of the 1,637,086 square feet. The largest owner is Sol Goldman Investments, followed by LoanCore Capital and then Joonoh Park.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 1.6 million square feet of built space are retail buildings, with office buildings next occupying 47 percent of the space.

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