Namdar, H Holding, Klosed sign $14.5M refi for industrial in Mott Haven
Namdar Realty Group, H Holding Group, and Klosed Properties through the entity H Holding 780 LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $14.5 million for the industrial building (E9) at 780 East 135th Street in Mott Haven, Bronx.
The deal closed on May 5, 2023 and was recorded on May 10, 2023. The prior lender was Preferred Bank which held debt that had an original loan amount of $15 million.The property has 84,650 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $171 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 owner bought the property on November 26, 2019, for $17.5 million. The signatory for Namdar Realty Group, H Holding Group, and Klosed Properties was Igal Namdar, Sharon Hakmon, and Steven Kachanian. The signatory for Metropolitan Commercial Bank was Craig Zajac and Jay Shah.
Prior sales and revenue
The 84,650-square-foot property generated revenue of $809,254 or $10 per square foot, according to the most recent income and expense figures.
The property
The industrial building in Mott Haven has 84,650 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 109 feet deep with a total lot size of 21,799 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4 million. The most recent loan totaled $15 million and was provided by Preferred Bank on March 18, 2022.
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 not received any significant violations 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 Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.3 times the average sales volume among other neighborhoods with $822.4 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.3 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 222,255 square feet of the 253,625 square feet. The two identified owners are Klosed Properties and City Of New York.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 253,625 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that Namdar Realty Group owned at least 69 commercial properties with 898 residential units in New York City with 1,536,119 square feet and a city-determined market value of $280 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 25 percent of the 1,536,119 square feet of built space are walkup properties, with office properties next occupying 24 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 55 commercial properties with 773 residential units in New York City with 939,229 square feet and a city-determined market value of $119 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 38 percent of the 939,229 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Bronx next at 28 percent of the space.
The PincusCo database currently indicates that H Holding Group owned at least three commercial properties with two residential units in New York City with 114,987 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 114,987 square feet of built space are industrial properties, with mixed-use properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Bronx, with Brooklyn next at 3 percent of the space.
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