PH Realty, Rockledge, Alma sign $54M acquisition loan with Prime Finance for 10 properties in NYC

PH Realty Capital, Rockledge, and Alma Realty through the entity 1115 Union Street Owner LLC as borrower signed a acquisition loan with lender Prime Finance through the entity Prime Finance Short Duration Holding valued at $54 million for 10 properties with 595 residential units including the 112-unit residential elevator building (D1) at 125 Brighton 11th Street in Brighton Beach, Brooklyn, 104-unit residential elevator building (D1) at 3100 Brighton 2nd Street in Brighton Beach, Brooklyn, and 61-unit residential elevator building (D3) at 75 St Nicholas Place in Harlem, Manhattan.
The Commercial Observer first reported on the loan transaction.
The deal closed on July 12, 2024 and was recorded on August 1, 2024.

The 10 properties have 568,406 square feet of built space and 46,250 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $95 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 Prime Finance was Jon W. Brayshaw.

Development

On these lots, there is one active major alteration construction project, 121948223, for a 61-unit, 76,830 square-foot R-2 building. The project was submitted by Alon Trappler with plans filed April 17, 2014 and permitted March 3, 2015.

The block

On the tax block of 3100 Brighton 2nd Street, PincusCo has identified the owners of one of the two commercial properties representing 101,100 square feet of the 117,100 square feet. The identified owner is Rockledge.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 117,100 square feet of built space are elevator buildings, with retail buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that Alma Realty owned at least 127 commercial properties with 5,449 residential units in New York City with 5,998,474 square feet and a city-determined market value of $605.2 million. (Market value is typically about 50% of actual value.) The portfolio has $629.8 million in debt, with top three lenders as Deutsche Bank, New York Community Bank, and Efstathios Valiotis respectively. Within the portfolio, the bulk, or 67 percent of the 5,998,474 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Queens next at 32 percent of the space.
The PincusCo database currently indicates that Ph Realty Capital owned at least 48 commercial properties with 1,657 residential units in New York City with 1,457,029 square feet and a city-determined market value of $167.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 1,457,029 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.
The PincusCo database currently indicates that Rockledge owned at least 14 commercial properties with 851 residential units in New York City with 789,681 square feet and a city-determined market value of $73.7 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 87 percent of the 789,681 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Manhattan next at 46 percent of the space.

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