Namdar Realty signs $11.6M acquisition loan with Ladder for two rentals in Manhattan
Namdar Realty Group through the entity 117 W57 Bh LLC as borrower signed an acquisition loan with lender Ladder Capital through the entity Ladder Capital Finance LLC valued at $11.6 million for two rentals including the 12-unit rental (C7) at 128 East 86th Street in Upper East Side, Manhattan and seven-unit rental (C7) at 117 West 57th Street in Midtown, Manhattan.
The deal closed on November 5, 2021 and was recorded on December 3, 2021.
The two properties have 21,680 square feet of built space and 27,181 square feet of additional air rights for a total buildable of 48,870 square feet according to PincusCo analysis of city data. The loan price per built square foot is $532 and the price per buildable square foot is $236 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 Namdar Realty Group was Matthew Scheriff.
Within a 400-foot radius of 117 West 57th Street, PincusCo identified 19 commercial real estate items of interests occurred over the past 24 months.
Of those 19 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $675,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $19.2 million. The most recent of these three items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot R-1 building with 214 residential units at 101 West 57th Street.
Of those 19 items, 12 were sales above $5 million totaling $349 million. The most recent of the 12 was Cloud Central Limited Partnership which bought one condo unit in the 135-unit mixed-use building (RM) on 157 West 57th Street for $35.5 million from Rebecca Ann Moores on October 6, 2021.
Of those 19 items, four were loans above $5 million totaling $270.4 million. The most recent of the four was Jerome Cohen family which borrowed $55 million from John Hancock Life Insurance Company secured by the 143,914-square-foot, 93-unit office building (O6) on 1400 Avenue Of The Americas on October 19, 2021.
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