Nuveen signs $83.4M refi with Nuveen for residential elevator in Yorkville

Nuveen Real Estate through the entity T-C The Colorado LLC as borrower signed a refi loan with lender Nuveen Real Estate through the entity Teachers Insurance And Annuity Association Of America valued at $83.4 million for the 256-unit residential elevator building (D7) at 201 East 86th Street in Yorkville, Manhattan.
The deal closed on August 1, 2022 and was recorded on August 24, 2022. The prior lender was a securitized loan Series 2013-K25 managed by Freddie Mac which held debt that had an original loan amount of $91.7 million. The property has 256,810 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $324 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 Nuveen Real Estate was Chris Burk. The signatory for Nuveen Real Estate was Chris Burk.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Thomas Sayers, head officer and Anya Kim, agent. The business entities are The Dermot Company Lp and T-C The Colorado, Llc. The 256,810-square-foot property generated revenue of $16 million or $62 per square foot, according to the most recent income and expense figures.

The property

The 201 East 86th Street parcel has frontage of 78 feet and is 125 feet deep with a total lot size of 10,315 square feet. The lot is irregular. The zoning is C2-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $74.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $2,715 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 27, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 422,236 square feet of the 719,631 square feet. The largest owner is KLM Equities, followed by Caiola family and then Christopher Wetherhill.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 713,938 square feet of built space are elevator buildings, with walkup buildings next occupying 16 percent of the space.

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