New City Realty signs $27.7M refi with Citibank for office building in Mott Haven

New City Realty Company through the entity Courtlandt Development LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $27.7 million for the office building (O5) at 354 East 149th Street in Mott Haven, Bronx.
The deal closed on August 12, 2021 and was recorded on August 24, 2021.
The property has 33,150 square feet of built space and 23,868 square feet of additional air rights for a total buildable of 57,018 square feet according to PincusCo analysis of city data. The loan price per built square foot is $835 and the price per buildable square foot is $485 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 18-May-17, for $17.5 million.
The signatory for New City Realty Company was Barukh Khiyayev.
(220636729)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 28, 2020.

Within a 400-foot radius of 354 East 149th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $77.4 million. The most recent of the four was Manatus Development Group which borrowed $38.0 million from Barclays Capital secured by the 67,094-square-foot, one-unit office building (O2) on 362 East 148th Street and two other properties on August 10, 2021.

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