Rabina Properties, new partner Edward Friedman sign $12.5M loan in Midtown West

Rabina Properties and new partner Edward Friedman through the entity 850 Eighth LLC (and others) as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $12.5 million for four properties with 108 residential units including the 34-unit residential walkup building (C7) at 854 Eighth Avenue in Midtown West, Manhattan, 34-unit residential walkup building (C7) at 856 Eighth Avenue in Midtown West, Manhattan, and 34-unit residential walkup building (C7) at 852 Eighth Avenue in Midtown West, Manhattan.
The deal closed on May 15, 2024 and was recorded on June 20, 2024. The four properties have 29,820 square feet of built space and 50,173 square feet of additional air rights for a total buildable of 79,990 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $419 and the price per buildable square foot is $156 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 Rabina Properties and Edward Friedman was Maidad Rabina. The signatory for M&T Bank was Brianna Larson. Edward Friedman of EAF Properties acquired a 50% stake at the same time, city property records show.

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 854 Eighth Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Maidad Rabina, head officer and Edward Friedman, officer. The business entity is 852 Eighth Llc.

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 two DOB violations and $2,835 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 854 Eighth Avenue, PincusCo has identified the owners of three of the 14 commercial properties representing 532,035 square feet of the 1,137,829 square feet. The largest owner is Robert Gilardian, followed by Dean Poll and then Al Faisal Holding.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.1 million square feet of built space are hotel buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Rabina Properties owned at least four commercial properties with 342 residential units in New York City with 360,948 square feet and a city-determined market value of $92.5 million. (Market value is typically about 50% of actual value.) The portfolio has $458.5 million in debt, with top three lenders as Bank OZK, Voya Investment Management, and M&T Bank respectively. Within the portfolio, the bulk, or 83 percent of the 360,948 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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