Ogden CAP signs $30M refi with JPMorgan Chase for 383-unit rental in Yorkville

Ogden CAP Properties through the entity Yorkville Plaza Associates LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $30 million for the 383-unit residential elevator building (D6) at 205 East 95th Street in Yorkville, Manhattan.
The deal closed on October 19, 2022 and was recorded on October 21, 2022. The prior lender was Bank of New York Mellon as trustee which held debt that had an original loan amount of $30 million. The property has 329,850 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $90 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 Ogden CAP Properties was Abigail Black Elbaum. The signatory for JPMorgan Chase was Diane M. Chavez.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes John McDermott, head officer and Robert Ammiano, site manager. The business entities are Ogden Cap Properties Llc and Yorkville Plaza Associates Llc. The 329,850-square-foot property generated revenue of $14.8 million or $45 per square foot, according to the most recent income and expense figures.

The property

The lot is irregular. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $72.4 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 two DOB violations, $7,500 in ECB penalties, and $8,550 in OATH penalties in the last year.

Development

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 one of the three commercial properties representing 968,264 square feet of the 1,307,574 square feet. The identified owner is Ogden CAP Properties.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 1.3 million square feet of built space are elevator buildings, with walkup buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Ogden Cap Properties owned at least seven commercial properties in New York City with 2.8 million square feet and 3,817 residential units. Within the portfolio, six are identified are elevator properties and one is a walkup. They are all located in Manhattan.

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