Pacific Eagle Holdings through the entity Pacific Fifth Avenue Corporation as borrower signed a refi loan with lender Oversea-Chinese Banking Corporation valued at $118.8 million for five hotel and retail condominium units making up the commercial portion of a mixed-use building at 400 Fifth Avenue in Grand Central, Manhattan. The building is home to the Langham, New York, Fifth Avenue hotel.
The deal closed on September 21, 2023 and was recorded on October 12, 2023. The prior lender was Mizuho Bank which held debt that had an original loan amount of $118.8 million.
The five properties have 103,772 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,144 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 Pacific Eagle Holdings was Joyce Yonce. The signatory for Pacific Eagle Holdings was Grace Sun.
The hotel condo in Grand Central has 103,772 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 58,614 square feet. The city-designated market value for the property in 2022 is $49.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
For the tax lot buildings, one out of the five buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active major alteration construction project for a 397-unit, 577,787 square-foot R-2 building. The project was submitted by Richard Brussiere with plans filed November 17, 2016 and permitted January 13, 2017.
In Grand Central, The majority, or 83 percent of the 43.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has 2.5 times the average sales volume among other neighborhoods with $895.8 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Grand Central has 2.2 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
On the tax block of 400 5th Avenue, PincusCo has identified the owners of seven of the 29 commercial properties representing 769,299 square feet of the 1,676,094 square feet. The largest owner is Vanbarton Group, followed by Sioni Group and then Sion Betesh.
On the tax block, there were two new building construction projects totaling 241,773 square feet. The largest is a 313-unit, 194,949 square-foot hotel/dormitory/shelter (R-1) building submitted by Hidrock Properties and filed by Eddie Hidary with plans filed June 14, 2013 and permitted March 3, 2015. The second largest is a 143-unit, 46,824 square-foot hotel/dormitory/shelter (R-1) building submitted by Richard Fung with plans filed December 4, 2014 and permitted March 9, 2017.
The majority, or 65 percent of the 1.7 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.
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