Park-It Management signs $19M refi for garage in Washington Heights

Park-It Management through the entity Heights Broadway LLC as borrower signed a refi loan with lender TriState Capital Bank valued at $19 million for the garage building (G9) at 4320 Broadway in Washington Heights, Manhattan.
The deal closed on March 16, 2023 and was recorded on May 18, 2023. The prior lender was BankUnited which held debt that had an original loan amount of $21.5 million.
The property has 72,608 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $261 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 January 7, 2016, for $26.3 million. The signatory for Park-It Management was Gary Spindler. The signatory for TriState Capital Bank was Paul Verdi.

Prior sales and revenue

The 72,608-square-foot property generated revenue of $1.9 million or $26 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Washington Heights has 72,608 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 181 feet and is 170 feet deep with a total lot size of 21,133 square feet. The lot is irregular. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $11.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $250 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 $1 million on this tax lot.

The neighborhood

In Washington Heights, The bulk, or 45 percent of the 65.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.6 times the average sales volume among other neighborhoods with $577.3 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Washington Heights has 1.4 times the average amount of major developments relative to other neighborhoods and is the 21st 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 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 11 commercial properties representing 326,578 square feet of the 427,235 square feet. The largest owner is Two80 Real Estate Ventures, followed by Stellar Management and then NYC Department Of Education.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 427,235 square feet of built space are walkup buildings, with specialty buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Park-It Management owned at least six commercial properties with 25 residential units in New York City with 308,189 square feet and a city-determined market value of $69.7 million. (Market value is typically about 50% of actual value.) The portfolio has $104.8 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and Barclays respectively. Within the portfolio, the bulk, or 64 percent of the 308,189 square feet of built space are industrial properties, with specialty properties next occupying 29 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Bronx next at 6 percent of the space.

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