Paul Stallings signs $50M refi with Northmarq for 174-unit rental in Alphabet City

Paul Stallings through the entity P.S. 71 Associates LLC as borrower signed a refi loan with lender Northmarq Capital through the entity Northmarq Capital Finance, L.L.C. valued at $50 million for the 174-unit residential elevator building (D1) at 190 East 7th Street in Alphabet City, Manhattan.
The deal closed on January 31, 2025 and was recorded on February 13, 2025. The property has 96,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $520 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 Paul Stallings was Paul Stallings. The signatory for Northmarq Capital was Nancy Kunkel.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Paul Stallings, head officer and David Weiss, officer. The business entity is Ps 71 Associates Llc. The 96,000-square-foot property generated revenue of $8.7 million or $90 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 174 residential units in Alphabet City has 96,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 181 feet deep with a total lot size of 20,446 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $37.8 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 $50 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 12 of the 25 commercial properties representing 132,275 square feet of the 328,572 square feet. The largest owner is New York City Housing Authority, followed by Sassouni Management and then Steven Salvesen.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 328,572 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Paul Stallings owned at least eight commercial properties with 336 residential units in New York City with 216,000 square feet. The portfolio has $101.9 million in debt, with top three lenders as Santander Bank, Northmarq Capital, and Arbor Realty Trust respectively. They are all located in Manhattan.

Direct link to Acris document. link