River House cooperative in Midtown East signs $55M refi loan with Morgan Stanley Bank

The River House cooperative through the entity River House Realty Co., Inc. as borrower signed a refi loan with lender Morgan Stanley Bank valued at $55 million for the 77-unit co-op (D4) at 435 East 52nd Street in Midtown East, Manhattan.
The deal closed on June 18, 2021 and was recorded on July 2, 2021.
The property has 460,973 square feet of built space and 79,453 square feet of additional air rights for a total buildable of 540,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $119 and the price per buildable square foot is $101 per the PincusCo analysis.

The signatory for River House cooperative was Michael R. Lynch and Krishnamurthy Narayanan.
(123059251)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 77 residential units on August 1, 2018.
Michael Lynch is a managing director at Junius Real Estate Partners. The financing includes a $30 million gap loan.
The owners according to the Department of Housing Preservation and Development includes Brock Taube, head officer and William Fertidos, officer. The business entities are Douglas Elliman Property Management and River House Realty Co.
Within a 400-foot radius of 435 East 52nd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Matthew Bloomgarden borrowed $23 million from Citibank, N.A. secured by the 33,750-square-foot, one-unit office building (O2) on 425 East 53rd Street on June 4, 2020.

Direct link to Acris document. link