PH Realty, Rockledge, Alma Realty sign $53M acquisition loan with BridgeInvest for rentals in Brooklyn, Manhattan

PH Realty Capital, Rockledge and Alma Realty obtained a $53 million acquisition loan from Florida-based BridgeInvest for rentals the partners purchased from Sentinel Real Estate in Brooklyn and Manhattan. The loans were distributed over three filings.

In the first, PH Realty Capital, Rockledge and Alma Realty through the entity 110 Bennett Avenue Owner LLC as borrower signed a acquisition loan with lender BridgeInvest through the entity Bi Blue I LLC valued at $24.8 million for four residential elevator properties with 251 residential units including the 74-unit residential elevator building (D4) at 4101 Broadway in Washington Heights, Manhattan, 78-unit residential elevator building (D1) at 725 West 184th Street in Washington Heights, Manhattan, and 53-unit residential elevator building (D1) at 110 Bennett Avenue in Washington Heights, Manhattan.
The deal closed on September 20, 2024 and was recorded on October 1, 2024. The four properties have 247,265 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $100 per the PincusCo analysis.

In the second, PH Realty Capital, Rockledge and Alma Realty through the entity 120 East 19th Street Owner LLC as borrower signed a loan with lender Bi Blue I LLC valued at $15 million for five properties with 241 residential units including the 107-unit residential elevator building (D1) at 165 East 19th Street in Flatbush, Brooklyn, 43-unit residential elevator building (D1) at 120 East 19th Street in Flatbush, Brooklyn, and 41-unit residential elevator building (D1) at 146 East 19th Street in Flatbush, Brooklyn. The deal closed on September 20, 2024 and was recorded on October 1, 2024. The five properties have 271,782 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $55 per the PincusCo analysis.

In the third, PH Realty Capital, Rockledge and Alma Realty through the entity 1511 Brightwater Avenue Owner LLC as borrower signed a loan with lender Bi Blue I LLC valued at $13.2 million for two residential elevator properties with 228 residential units including the 132-unit residential elevator building (D1) at 211 Brighton 15th in Brighton Beach, Brooklyn and 96-unit residential elevator building (D1) at 200-210 Brighton 15th Street in Brighton Beach, Brooklyn. The deal closed on September 20, 2024 and was recorded on October 1, 2024. The two properties have 206,432 square feet of built space and 42,665 square feet of additional air rights for a total buildable of 249,279 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $63 and the price per buildable square foot is $52 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 Rockledge and Alma Realty was Peter Hungerford. The signatory for BridgeInvest was Alex Horn. John Mavroudis of Alma Realty is listed as a contact for the borrower group.

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 725 West 184th Street.

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 six DOB violations, $625 in ECB penalties, 89 housing violations, $5,015 in OATH penalties, and two housing litigations 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 725 West 184th Street, PincusCo has identified the owners of 40 of the 81 commercial properties representing 1,807,973 square feet of the 3,570,601 square feet. The largest owner is Empire Management, followed by Gatsby Enterprises and then Rockledge.
On the tax block, there was one new building construction project filed totaling zero square feet. It is a 164-unit residential (R-2) building submitted by Nathan Shapiro with plans filed October 20, 2022 and it has not been permitted yet.

The majority, or 83 percent of the 3.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that PH Realty Capital owned at least 56 commercial properties with 2,200 residential units in New York City with 2,013,668 square feet and a city-determined market value of $209.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 2,013,668 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.
The PincusCo database currently indicates that Rockledge owned at least 22 commercial properties with 1,394 residential units in New York City with 1,346,320 square feet and a city-determined market value of $115.8 million. (Market value is typically about 50% of actual value.) The portfolio has $17.8 million in debt, borrowed from Edgewood Capital Advisors and Bethpage Federal Credit Union. Within the portfolio, the bulk, or 85 percent of the 1,346,320 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

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