Prestige Properties & Development signs $31M refi for retail in Co-op City

Prestige Properties & Development through the entity City Bay Plaza, LLC as borrower signed a refi loan with lender BankUnited valued at $31 million for five properties including the property (K1) at 352 Baychester Avenue in Co-op City, Bronx, property (K1) at 356 Baychester Avenue in Co-op City, Bronx, and property (K1) at 350 Baychester Avenue in Co-op City, Bronx.
The deal closed on December 21, 2023 and was recorded on January 9, 2024. The prior lender was Transamerica Life Insurance Company which held debt that had an original loan amount of $35.5 million.The five properties have 123,629 square feet of built space and 806,619 square feet of additional air rights for a total buildable of 930,332 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $250 and the price per buildable square foot is $33 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 Prestige Properties & Development was Naor Shalem. The signatory for BankUnited was Brian Gilmore.

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 350 Baychester Avenue.

The property

The property in Co-op City has 123,629 square feet of built space and 806,619 square feet of additional air rights for a total buildable of 930,332 square feet according to a PincusCo analysis of city data. The parcel has frontage of 375 feet and is 259 feet deep with a total lot size of 98,999 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $13.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $14,250 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 49,497 square-foot B building. The project was submitted by NYC Department of Health and Mental Hygiene and filed by Sheila Benjamin with plans filed October 25, 2021 and permitted December 30, 2022.

The block

On the tax block of 350 Baychester Avenue, PincusCo has identified the owners of 16 of the 56 commercial properties representing 3,717,333 square feet of the 6,562,789 square feet. The largest owner is Triangle Equities, followed by Transformco and then Td Bank.
On the tax block, there were six new building construction projects totaling 111,706 square feet. The largest is a 53,698 square-foot business (B) building submitted by Simone Development Companies and filed by Joseph Simone with plans filed September 14, 2018 and permitted February 18, 2020. The second largest is a 49,497 square-foot business (B) building submitted by NYC Department of Health and Mental Hygiene and filed by Sheila Benjamin with plans filed October 25, 2021 and permitted December 30, 2022.

The majority, or 29 percent of the 6.6 million square feet of built space are mixed-use buildings, with specialty buildings next occupying 27 percent of the space.

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