Robert Gilardian signs $54M refi for five properties in Manhattan

Robert Gilardian through the entity 107 West 68th Street Delaware, LLC as borrower signed a refi loan with lender Bank of Montreal through the entity Bank Of Montreal valued at $54 million for five properties with 214 residential units including the 44-unit residential elevator building (D6) at 2412 Broadway in Upper West Side, Manhattan, 80-unit residential elevator building (D7) at 245 West 51st Street in Midtown West, Manhattan, and 48-unit residential elevator building (D3) at 324 West 84th Street in Upper West Side, Manhattan.
The deal closed on June 1, 2023 and was recorded on June 21, 2023. The prior lenders were Ladder Capital, JPMorgan Chase and Signature Bank which held debt that had an original loan amount of $83.2 million.The five properties have 194,891 square feet of built space and 47,642 square feet of additional air rights for a total buildable of 213,094 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $277 and the price per buildable square foot is $253 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 Robert Gilardian was Robert Gilardian. The signatory for Bank of Montreal was Michael Birajiclian.

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 245 West 51st Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Magdalena Kosz, head officer and Robert Gordon, officer. The business entity is 245 W 51st Realty Llc c/o AJ Clarke. The five properties with a total of 194,891 square feet of built space generated revenue of $9.2 million per year or $47 per square foot.

The property

The residential elevator building with 80 residential units in Midtown West has 194,891 square feet of built space and 47,642 square feet of additional air rights for a total buildable of 213,094 square feet according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 100 feet deep with a total lot size of 8,283 square feet. The zoning is C6-5 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $16.7 million. The most recent loan totaled $39.8 million and was provided by Ladder Capital on June 3, 2022.

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 three DOB violations, $20,400 in ECB penalties, 43 housing violations, and $26,430 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the five buildings received a initial certificate of occupancy in the last ten years. 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 245 West 51st Street, PincusCo has identified the owners of two of the 14 commercial properties representing 70,444 square feet of the 1,137,829 square feet. The two identified owners are Robert Gilardian and Dean Poll.
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 Robert Gilardian owned at least 13 commercial properties with 502 residential units in New York City with 469,305 square feet and a city-determined market value of $133.5 million. (Market value is typically about 50% of actual value.) The portfolio has $192.8 million in debt, with top three lenders as Bank of Montreal, Ladder Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 70 percent of the 469,305 square feet of built space are elevator properties, with walkup properties next occupying 18 percent of the space. They are all located in Manhattan.

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