Premier Equities, Angelo Gordon sign $30M acquisition loan with Sound Point Capital for rental in Lenox Hill

Premier Equities and Angelo Gordon through the entity 1231 Third Avenue Owner, L.L.C. as borrower signed a acquisition loan with lender Sound Point Capital through the entity Inpoint Reit Operating Partnership, Lp valued at $30 million for two properties including the 34-unit rental condo at 1231 3rd Avenue in Lenox Hill, Manhattan and retail condo at 1231 3rd Avenue in Lenox Hill, Manhattan.
The deal closed on February 25, 2022 and was recorded on March 15, 2022.The two properties have 41,279 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $726 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 Premier Equities and Angelo Gordon was Cory Elbaum. This is for commercial condo units 1 and 2.

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 1231 3rd Avenue.

The property

The 1231 3rd Avenue parcel has a total lot size of 25,972 square feet. The city-designated market value for the property in 2022 is $11.2 million. The most recent loan totaled $65 million and was provided by G4 Capital Partners on December 22, 2021, which covered additional properties.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 1231 3rd Avenue, PincusCo has identified the owners of 13 of the 19 commercial properties representing 158,224 square feet of the 816,786 square feet. The largest owner is Premier Equities, followed by Chetrit Group and then Sabah Shemel. There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 773,527 square feet of built space are residential elevator buildings, with specialty buildings next occupying 19 percent of the space.

Surrounding

Within a 400-foot radius of 1231 3rd Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 30, 2020 for the $485,000 renovation of 361,739-square-foot R-2 building with 154 residential units at 220 East 72nd Street.
One of those two items was a loan which Townsend House cooperative borrowed $10 million from TD Bank secured by the 212,118-square-foot, 103-unit co-op (D4) on 1218 3rd Avenue on March 11, 2020.

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