Parkoff Organization borrows $77M from New York Community Bank for multifamily in NYC

The Parkoff Organization borrowed at least $77 million from New York Community Bank. The lender recorded at least eight loans on the firm’s properties in Manhattan, Brooklyn, Queens and the Bronx. The total debt is a small increase from the prior existing debt totals on those assets, which was $74.75 million.

In the highest-priced loan, the Parkoff Organization through the entity Cumberland Apartments, L.P. as borrower signed a loan agreement with lender New York Community Bank valued at $12.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 70 residential units at 249 Cumberland Street in Fort Greene. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 38,742 square feet of built space.
The average loan per unit is $176,457.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second loan, Parkoff Organization through the entity Elbridge Realty Corp as borrower signed a loan agreement with lender New York Community Bank valued at $12.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 87 residential units at 500 West 235th Street in Kingsbridge. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 92,600 square feet of built space.
The average loan per unit is $137,931.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $115,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third loan, Parkoff Organization through the entity Popeye Assets LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.8 million for 1 parcel, including the tax class two-story or store and office (K2) at 177 Dyckman Street in Inwood. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 25,520 square feet of built space. The property has 34,420 square feet of available development rights.
The average loan per buildable square foot is $314.
The last time the property sold was January 10, 2012, for $10,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $298,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth loan, Parkoff Organization through the entity Gramercy Park Estates LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.7 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 46 residential units at 144 East 22nd Street in Gramercy. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 24,894 square feet of built space. The property has 44,565 square feet of available development rights.
The average loan per unit is $232,957.
The last time the property sold was August 31, 2010, for $10,019,181.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $24,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fifth loan, Parkoff Organization through the entity 165 Seaman LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.6 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 72 residential units at 165 Seaman Avenue in Inwood. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 74,338 square feet of built space.
The average loan per unit is $108,333.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the sixth loan, Parkoff Organization through the entity 19 Seaman LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.5 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 72 residential units at 11 Seaman Avenue in Inwood. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 53,521 square feet of built space. The property has 76,441 square feet of available development rights.
The average loan per unit is $104,167.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $254,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the seventh loan, Parkoff Organization through the entity York 80 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $6.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 24 residential units at 1510 York Avenue in Yorkville. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 22,902 square feet of built space. The property has 45,726 square feet of available development rights.
The average loan per unit is $281,375.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

in the eighth loan, Parkoff Organization through the entity Forest Hills 71 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $6.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 49 residential units at 110-56 71st Avenue in Forest Hills. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property contains a total of 49,664 square feet of built space.
The average loan per unit is $127,551.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link