Related signs $52.1M refi with Wells Fargo for 123-unit rental in Upper West Side
Related Companies through the entity North Park Preservation, L.P. as borrower signed a refi loan with lender Wells Fargo valued at $52.1 million for the 123-unit residential elevator building (D2) at 20 West 102nd Street in Upper West Side, Manhattan.
The deal closed on June 30, 2022 and was recorded on July 21, 2022. The prior lender was NYC Housing Development Corporation which held debt that had an original loan amount of $36 million. The property has 110,175 square feet of built space and 65,998 square feet of additional air rights for a total buildable of 175,996 square feet according to PincusCo analysis of city data. The loan price per built square foot is $473 and the price per buildable square foot is $296 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 April 28, 2011, for $35.3 million. The signatory for Related Companies was Matthew Finkle. The signatory for Wells Fargo was Christian Adrian. Matthew Finkle is president of Related Affordable, a division of Related Companies.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Matthew Finkle, head officer and Nicholas Corcoran, officer. The business entities are Related Management Co and North Park Preservation. The 110,175-square-foot property generated revenue of $5.4 million or $49 per square foot, according to the most recent income and expense figures.
The property
The 20 West 102nd Street parcel has frontage of 253 feet and is 201 feet deep with a total lot size of 43,999 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 $28.8 million.
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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 five DOB violations, seven housing violations, and $100 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 $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 122,980 square feet of the 135,785 square feet. The two identified owners are Related Companies and Manhattan Valley Development Corp.. There are no active new building construction projects on this tax block.
The majority, or 81 percent of the 135,785 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.
The borrower
The PincusCo database currently indicates that Related Companies owned at least 221 commercial properties in New York City with 28,748,046 square feet and a city-determined market value of $8.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 35 percent of the 28,748,046 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.
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