Peak Capital Advisors on August 18, filed plans for a $238,700 rehab of 10 apartments in a building at 24-unit walkup at 233 East 21st Street in Gramercy, Manhattan. David Gomez co-founder and principal of Peak Capital Advisors, filed the plans.

The plans call for a rehab of the 63-foot-tall, six-story building and were filed with the New York City Department of Buildings under job number M00795727.

The project is described in the filing as: renovate units 5, 7, 9, 14, 18, 19, 21, 22, 23, 24 including removing and installing new interior non-load bearing partitions, lighting and finish work. No change to use, egress or occupancy

The architect listed is James Chai Architect, P.C.

The property was acquired with two other properties for $24.3 million on May 3, 2022.

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Property

The 233 East 21 Street parcel has frontage of 46 feet and is 98 feet deep with a total lot size of 4,543 square feet. 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 $5.5 million.The most recent loan totaled $16.5 million and was provided by Prime Finance Partners on 2022-05-03.

The walkup building in Gramercy has 17,910 square feet of built space and 272 square feet of additional air rights for a total buildable of 18,172 square feet according to PincusCo analysis of city data. The property is owned by Peak Capital Advisors.

The 17,910-square-foot property generated revenue of $903,748 or $50 per square foot, according to the most recent income and expense figures.

According to city public data, the property has received 12 housing violations, $1,900 in OATH penalties, and one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 276,470 square feet of the 313,173 square feet. The largest owner is PGIM Real Estate, followed by S.W. Management and then Peak Capital Advisors. There are no active new building construction projects on this tax block.

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

Over the past five years, there have been two NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were two renovation/alteration projects (A2) applied for with a total estimated value of $111,600.

The PincusCo database currently indicates that Peak Capital Advisors owned at least 18 commercial properties in New York City with 207,438 square feet and a city-determined market value of $50.6 million. (Market value is typically about 50% of actual value.) The portfolio has $61.6 million in debt, with top three lenders as Prime Finance Partners, Prime Finance, and Walker & Dunlop respectively. Within the portfolio, the bulk, or 94 percent of the 207,438 square feet of built space are walkup properties, with mixed-use properties next occupying 6 percent of the space. The bulk, or 35 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

Within a 400-foot radius of 235 East 21 Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 28, 2020 for the $351,000 renovation of 185,127-square-foot R-2 building with 202 residential units at 301 East 21st Street. Of those eight items, two were sales above $5 million totaling $71.8 million. The most recent of the two was Aya which bought the 17,526-square-foot, 35-unit rental (D2) on 217 East 22nd Street for $11.8 million from Kokot Realty Enterprises on June 28, 2022. Of those eight items, five were loans above $5 million totaling $52.9 million. The most recent of the five was Claudio Soifer and Harry Karten which borrowed $20.7 million from Sculptor Capital Management secured by the development site (V1) on 351 2nd Avenue and two other properties on August 16, 2022.