Prakash Sinha signs $27.3M refi with Northwind Group for two rentals in Midtown

Prakash C. Sinha through the entity 128 E28 LLC as borrower signed a refinance loan with lender Northwind Group through the entity Nw 128 East 28 Lender LLC valued at $27.3 million for two rentals including the 11-unit rental (D6) at 128 East 28th Street in Midtown, Manhattan and seven-unit rental (C1) at 109 East 29th Street in Midtown, Manhattan.
The deal closed on October 1, 2021 and was recorded on October 28, 2021.
The two properties have 26,888 square feet of built space and 2,133 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $1,015 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 Prakash C. Sinha was Prakash C. Sinha. The signatory for Northwind Group was Ran Eliasaf.
One of the projects were to change the number of residential units from 0 to 7 and were permitted on January 7, 2003.
The owners according to the Department of Housing Preservation and Development includes Charles Sinha, head officer and Gunja Sinha, officer. The business entities are General Property Management Associates Inc. and Shinha Development Llc.

Within a 400-foot radius of 109 East 29th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on January 7, 2020 for a 42,608-square-foot R-2 building with 43 residential units at 165 Lexington Avenue.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $834,702.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $834,702.0. The most recent of these two items was the temporary certificate of occupancy on August 14, 2020 for a 145,437-square-foot E building with no residential units at 440 Park Avenue South.
One of those five items was a sale which Evenhar Development bought the 8,294-square-foot, seven-unit mixed-use building (S5) on 152 Lexington Avenue and one other property for $7 million from First Moravian Church and United Brethren Church on September 20, 2021.
One of those five items was a loan which Samco Properties borrowed $15 million from Apple Bank For Savings secured by the 126,784-square-foot, 16-unit office building (O6) on 424 Park Avenue South on March 10, 2020.

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