PH Realty Capital signs $17.3M refi with LMF Commercial for 18-unit rental in Lenox Hill

PH Realty Capital through the entity 114 East 71 Associates, LLC as borrower signed a refi loan with lender LMF Commercial valued at $17.3 million for the 18-unit residential elevator building (D1) at 114 East 71st Street in Lenox Hill, Manhattan.
The deal closed on February 9, 2024 and was recorded on February 27, 2024. The prior lender was Rialto Capital which held debt that had an original loan amount of $9.4 million.The property has 32,640 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $530 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 PH Realty Capital was Peter Hungerford. The signatory for LMF Commercial was Shanna Vidal-Pope. This property was part of a portfolio that secured an $89.5 million loan from Rialto Capital. 

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Hungerford, head officer and Joel Hernandez, site manager. The business entity is 114 East 71st Street Associates Llc. The 32,640-square-foot property generated revenue of $1.1 million or $35 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 18 residential units in Lenox Hill has 32,640 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,020 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $5.2 million. The most recent loan totaled $93.5 million and was provided by Rialto Capital Management on May 13, 2022.

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 two housing violations 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 three of the 25 commercial properties representing 47,890 square feet of the 200,140 square feet. The largest owner is Ph Realty Capital, followed by Jennifer Saville and then Gpg Properties.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 200,140 square feet of built space are mixed-use buildings, with walkup buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that PH Realty Capital owned at least 36 commercial properties with 931 residential units in New York City with 767,363 square feet and a city-determined market value of $101.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 767,363 square feet of built space are walkup properties, with elevator properties next occupying 45 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Bronx next at 41 percent of the space.

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