Pinnacle Group signs $48.7M in new refis, has refinanced $860M in past 30 months

The Pinnacle Group signed $48.7 million in refinance loans with New York Community Bank for residential walkup and elevator buildings in Manhattan with a total of 417 units in six separate transaction. The prior debt had a maximum value of $43 million.

The Pinnacle Group has a portfolio of approximately 8,500 residential units with 24 percent of the built space in Manhattan, 20 percent in the Bronx, 36 percent in Brooklyn and 21 percent in Queens. Of the total portfolio, residential elevator buildings account for 77 and residential walkup account for 23 percent.
In the past 30 months, the firm has refinanced about 6,700 of those 8,500 units with a total debt of about $860 million. The bulk of that, or about $440 million, was refinanced with New York Community Bank.

In one of the six transactions, Pinnacle Group through the entity 402-412 West 148 LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $12.5 million for two residential elevator buildings including the 48-unit residential elevator building at 402 West 148th Street in Harlem, Manhattan and 48-unit residential elevator building at 412 West 148th Street in Harlem, Manhattan.
The deal closed on January 24, 2022 and was recorded on February 9, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $11.4 million.
The two properties have 81,160 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $154 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 Pinnacle Group was Joel Wiener. The signatory for New York Community Bank was John Feijoo.
The two properties with a total of 81,160 square feet of built space generated revenue of $1.6 million per year or $19 per square foot.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Harlem, the bulk, or 42 percent of the 99.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $607.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 37 percent of the 395,614 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 31 percent of the space.
The owner according to the Department of Housing Preservation and Development is Rasim Toskic, head officer. The business entity is 402-412 West 148th Llc.
Within a 400-foot radius of 402 West 148th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on July 6, 2020 for the $785,000 renovation of 0-square-foot R-2 building with seven residential units at 767 St. Nicholas Avenue.

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In a second transaction, Pinnacle Group through the entity 25 Cummings Realty LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $8 million for the 70-unit residential walkup building at 25 Cumming Street in Inwood, Manhattan.
The deal closed on January 24, 2022 and was recorded on February 9, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $6.7 million.
The property has 56,370 square feet of built space and 7,325 square feet of additional air rights for a total buildable of 63,700 square feet according to PincusCo analysis of city data. The loan price per built square foot is $141 and the price per buildable square foot is $125 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 owner bought the property on October 27, 2004, for $6.3 million.
The signatory for Pinnacle Group was Joel Wiener. The signatory for New York Community Bank was John Feijoo.
The 56,370-square-foot property generated revenue of $1 million or $18 per square foot, according to the most recent income and expense figures.

In Inwood, the bulk, or 40 percent of the 17.3 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 37 percent of the space. In sales, Inwood has 1.3 times the average sales volume among other neighborhoods with $347 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Inwood has 1.8 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 64 percent of the 612,238 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 30 percent of the space.
The owner according to the Department of Housing Preservation and Development is Rasim Toskic, head officer. The business entity is 25 Cummings Realty Llc.
Within a 400-foot radius of 25 Cumming Street, Pincusco identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on August 17, 2021 for a 144,209-square-foot R-2 building with 174 residential units at 4790 Broadway.
Of those 12 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 31, 2020 for the $2.9 million renovation of 10,626-square-foot A-3 building with one residential units at 12 Cumming Street.
Of those 12 items, two were sales above $5 million totaling $18.6 million. The most recent of the two was Prana Investments which bought the 22,650-square-foot, 30-unit rental (C1) on 682 Academy Street for $6.1 million from Enterprise Asset Management on August 20, 2020.
Of those 12 items, seven were loans above $5 million totaling $127.2 million. The most recent of the seven was Carolyn Blitz which borrowed $10 million from Dime Community Bank secured by the 58,260-square-foot, 68-unit rental (C7) on 4791 Broadway on December 28, 2021.

Direct link to Acris document. link