Park-It Management signs $46.5M refi with First Republic in Harlem

Park-It Management through the entity Harlem Park Assoc. LLC as borrower signed a refi loan with lender First Republic Bank valued at $46.5 million for the specialty building (I9) at 160 West 124th Street in Harlem, Manhattan.
The deal closed on December 20, 2022 and was recorded on April 10, 2023. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $44 million.The property has 88,630 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $524 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 March 28, 2012, for $5.1 million. The signatory for Park-It Management was Gary Spindler. This refinances a rehabilitation and conversion construction loan.

The property

The specialty building in Harlem has 88,630 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,091 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $24.2 million. The most recent loan totaled $41.1 million and was provided by JPMorgan Chase on April 30, 2021.

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 not received any significant violations 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 Harlem, The bulk, or 43 percent of the 81 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $771.5 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 3.8 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.9 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. There were two pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 21 commercial properties representing 141,957 square feet of the 293,419 square feet. The largest owner is Yechiel Newhouse, followed by Uri Pielet and then Park-It Management.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 293,419 square feet of built space are specialty buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Park-It Management owned at least five commercial properties with 17 residential units in New York City with 301,169 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $58.3 million in debt, with top three lenders as JPMorgan Chase, Barclays, and Republic First Bank respectively. Within the portfolio, the bulk, or 66 percent of the 301,169 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.

Direct link to Acris document. link