Peak Capital Advisors signs $6.3M refi with KeyBank for 7-unit rental in Lincoln Square

Peak Capital Advisors through the entity 230 72nd Owner 2 LLC as borrower signed a acquisition loan with lender KeyBank through the entity Keybank National Association valued at $6.3 million for the seven-unit residential elevator building (D7) at 230 West 72nd Street in Lincoln Square, Manhattan.
The deal closed on December 31, 2024 and was recorded on January 17, 2025. The prior lender was Derby Copeland Capital which held debt that had an original loan amount of $5.8 million. The property has 11,580 square feet of built space and 15,996 square feet of additional air rights for a total buildable of 27,580 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $540 and the price per buildable square foot is $226 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 April 17, 2023, for $7.5 million. The signatory for Peak Capital Advisors was Alex B. Rabin and Juan David Gomez. The signatory for KeyBank was Cynthia M. Milioto.

Prior sales and revenue

The 11,580-square-foot property generated revenue of $509,057 or $44 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 7 residential units in Lincoln Square has 11,580 square feet of built space and 15,996 square feet of additional air rights for a total buildable of 27,580 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 102 feet deep with a total lot size of 2,758 square feet. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $7.2 million. The most recent loan totaled $5.2 million and was provided by Derby Copeland Capital on April 18, 2023.

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 $155 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 10 of the 23 commercial properties representing 267,825 square feet of the 397,218 square feet. The largest owner is Dominique Olbert, followed by Empire Management and then Brusco Group.
On the tax block, there were two new building construction projects totaling 35,764 square feet. The largest is a 19-unit, 30,504 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed December 7, 2017 and permitted August 6, 2019. The second largest is a two-unit, 5,260 square-foot residential (R-3) building submitted by Mary Margaret Chan with plans filed November 19, 2020 and it has not been permitted yet.

The majority, or 64 percent of the 397,218 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Peak Capital Advisors owned at least 56 commercial properties with 560 residential units in New York City with 475,725 square feet and a city-determined market value of $145.5 million. (Market value is typically about 50% of actual value.) The portfolio has $149.1 million in debt, with top three lenders as Argentic Investment Management, Prime Finance, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 81 percent of the 475,725 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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