Nonprofit housing for elderly signs $24.2M refi with Greystone & Co. for building in Yorkville

Carnegie East House through the entity Carnegie East Housing Development Fund Company, In as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Sevicing Company LLC valued at $24.2 million for the 104-unit specialty building at 1844 Second Avenue in Yorkville, Manhattan.
The deal closed on January 27, 2022 and was recorded on February 2, 2022. The prior lender was Greystone & Co. which held debt that had an original loan amount of $28.3 million.
The property has 102,750 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $235 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 Carnegie East House was Calvin Marshall Mew. The signatory for Greystone & Co. was Leslie F. Dominy.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Carnegie East House is located at the same address as owner LLC. It is a nonprofit with a mission to provide housing for the elderly, according to its website, “Carnegie East House is a not-for-profit residence governed by a dedicated board of directors committed to providing invaluable support and guidance to our community.”
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 47 percent of the 662,291 square feet of built space are residential elevator buildings, with specialty buildings next occupying 28 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Joseph Girven, head officer and Christeena Baksh, officer. The business entity is Carnegie East House H.D.F.C Inc.
Within a 400-foot radius of 1844 2nd Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, five were sales above $5 million totaling $118.9 million. The most recent of the five was Taconic Partners which bought the 81,928-square-foot, six-unit office building (O5) on 309 East 94th Street and one other property for $70 million from Downtown Capital on December 29, 2021.
Of those eight items, three were loans above $5 million totaling $198.5 million. The most recent of the three was Ogden CAP Properties which borrowed $125 million from JPMorgan Chase secured by the 968,264-square-foot, 1,097-unit rental (D6) on 1849 2nd Avenue on January 5, 2021.

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