Redeemer Presbyterian Church through the entity Redeemer Presbyterian Church West Side as borrower signed a refi loan with lender JPMorgan Chase through the entity Jpmorgan Chase Bank, N.A. valued at $36.6 million for the midblock specialty building at 150 West 83rd Street in the Upper West Side, Manhattan.
The deal closed on May 6, 2022 and was recorded on May 26, 2022. The prior lender was Evangelical Christian Credit Union which held debt that had an original loan amount of $29.1 million. The property has 44,303 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $826 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 owner bought the property on October 2, 2008, for $21.5 million. The signatory for Redeemer Presbyterian Church was Priscilla Dewing. The signatory for JPMorgan Chase was Eric Neier.
The 150 West 83rd Street parcel has frontage of 67 feet and is 121 feet deep with a total lot size of 8,118 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $25.5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation in the last year.
For the tax lot building, it received its initial certificate of occupancy on July 26, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of 17 of the 44 commercial properties representing 101,020 square feet of the 460,126 square feet. The largest owner is Victor Sismanoglou, followed by Veronica Fernandez and then Charles Nagle. There is one active new building construction project totaling 30,053 square feet. It is a seven-unit, 30,053-square-foot R-2 building developed by Robert Roe with plans filed November 25, 2015 and permitted July 26, 2019.
the majority, or 31 percent of the 588,429 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 29 percent of the space.
Within a 400-foot radius of 150 West 83rd Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were sales above $5 million totaling $40.7 million. The most recent of the two was HUBB NYC which bought the 11,820-square-foot, 14-unit rental (C7) on 464 Amsterdam Avenue and seven other properties for $35.5 million from AIR Communities on November 24, 2021.
Of those nine items, seven were loans above $5 million totaling $83.2 million. The most recent of the seven was HUBB NYC which borrowed $17.8 million from JPMorgan Chase secured by the 11,205-square-foot, 14-unit rental (C7) on 464 Amsterdam Avenue and seven other properties on March 25, 2022.
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