Peak signs $21.5M refi with Starwood for 2 walkups in Gramercy

Peak Capital Advisors through the entity 21st Owner LLC as borrower signed a refi loan with lender Starwood Capital Group through the entity SPT Real Estate Capital LLC valued at $21.5 million for two residential walkup properties with 48 residential units including the 24-unit residential walkup buildings (C7) at 231 and 233 East 21st Street in Gramercy, Manhattan.
The deal closed on May 1, 2025 and was recorded on May 21, 2025. The prior lender was Prime Finance which held debt that had an original loan amount of $18.9 million.The two properties have 36,012 square feet of built space and 363 square feet of additional air rights for a total buildable of 36,344 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $597 and the price per buildable square foot is $591 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 Peak Capital Advisors was Alex Gomez and Juan David Gomez . The signatory for Starwood Capital Group was Aaron Allardyce .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 231 East 21st Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Gomez, head officer and Cynthia Ramirez, agent. The business entities are Camelot Property Management Services Corp and 21st Owner Llc. The two properties with a total of 36,012 square feet of built space generated revenue of $2.6 million per year or $72 per square foot.

The property

The residential walkup building with 24 residential units in Gramercy has 36,012 square feet of built space and 363 square feet of additional air rights for a total buildable of 36,344 square feet according to a PincusCo analysis of city data. The 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 $7.4 million. The property has 4 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,980 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 the tax block of 231 East 21st Street, PincusCo has identified the owners of nine of the 14 commercial properties representing 276,682 square feet of the 313,385 square feet. The largest owner is Canvas Property Group, followed by S.W. Management and then Peak Capital Advisors.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 313,385 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Peak Capital Advisors owned at least 59 commercial properties with 628 residential units in New York City with 523,428 square feet and a city-determined market value of $162.9 million. (Market value is typically about 50% of actual value.) The portfolio has $186.3 million in debt, with top three lenders as Derby Copeland Capital, Argentic Investment Management, and Prime Finance respectively. Within the portfolio, the bulk, or 82 percent of the 523,428 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 42 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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