Potamkin Automotive borrows $50M from Apollo Global for property in Central Harlem

Potamkin Automotive Group through the entity Potamkin Development Co. II, LLC as borrower signed a loan agreement with lender Apollo Global Real Estate Management through the entity Athene Annuity Life Company valued at $50 million for 1 parcel, including the tax class garage with showroom (G8) at 207 East 127th Street in Central Harlem. The deal closed on September 29, 2020 and was recorded on October 21, 2020.

The construction loan is composed of a $10.7 million land loan, a $22.45 million building loan and a $16.8 million project loan. The signatory for Potamkin was John Rhodes.  In 2016, the company filed plans to increase the size of the commercial building in a project with a value of $3.575 million.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,575,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $366,964.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Joseph Glatt