274-unit Park Ten co-op signs $35M refi in Lincoln Square

The Park Ten cooperative building through the entity 10 West 66th Street Corporation as borrower signed a loan with lender Bank of America  valued at $35 million for the 274-unit residential elevator building (D4) at 5 West 65th Street in Lincoln Square, Manhattan.
The deal closed on March 7, 2025 and was recorded on March 17, 2025. The prior lender was Principal Real Estate Investors which held debt that had an original loan amount of $20 million.The property has 400,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $87 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 July 27, 2021, for $1.3 million. The signatory for Park Ten cooperative was John Waldes.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes John Waldes, head officer and Michael Wolfe, officer. The business entities are Firstservice Residential Ny Inc and 10 West 66th Street Corp. The 400,000-square-foot property generated revenue of $24 million or $60 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 274 residential units in Lincoln Square has 400,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 155 feet and is 200 feet deep with a total lot size of 28,125 square feet. The lot is irregular. The zoning is R10A 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 $112.1 million. The most recent loan totaled $20 million and was provided by Principal Life Insurance Company on December 22, 2020.

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 $1,625 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 block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 1,143,257 square feet of the 1,219,481 square feet. The two identified owners are Extell Development and Hebrew Union College – Jewish Institute Of Religion.
On the tax block, there was one new building construction project filed totaling 505,482 square feet. It is a 127-unit, 505,482 square-foot residential (R-2) building submitted by Extell Development and filed by David Rothstein with plans filed November 17, 2015 and permitted November 18, 2016.

The majority, or 91 percent of the 1.2 million square feet of built space are elevator buildings, with retail buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Park Ten Cooperative owned at least one commercial property with 274 residential units in New York City with 400,000 square feet and a city-determined market value of $112.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D4 property. It is located in Manhattan.

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