Robert Perl signs $9.9M refi for three walkups in East Village
Robert Perl through the entity Rental Apartments LLC as borrower signed a refi loan with lender Dime Community Bank valued at $9.9 million for three residential walkup properties with 64 residential units including the 24-unit walkup (C7) at 215 East 10th Street, the 20-unit walkup (C7) at 217 East 10th Street, and 20-unit walkup (C4) at 213 East 10th Street, all in the East Village, Manhattan.
The deal closed on March 1, 2023 and was recorded on May 19, 2023. The prior lender was Dime Community Bank which held debt that had an original loan amount of $10.1 million.
The three properties have 29,948 square feet of built space and 544 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $331 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 Perl was Robert Perl. The signatory for Dime Community Bank was Joseph Biancoviso.
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 217 East 10th Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Robert Perl, head officer and Alexandra Martinez, agent. The business entities are New York Realty Management and Rental Apartments, LLC. The three properties with a total of 29,948 square feet of built space generated revenue of $1.6 million per year or $54 per square foot.
The property
The residential walkup building with 20 residential units in East Village has 29,948 square feet of built space and 544 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,369 square feet. 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 $3.2 million.
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 $855 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 217 East 10th Street, PincusCo has identified the owners of 13 of the 37 commercial properties representing 238,279 square feet of the 480,153 square feet. The largest owner is Scharfman Organization, followed by Sassouni Management and then Renaissance Realty Group.
There are no active new building construction projects on this tax block.
The majority, or 56 percent of the 480,153 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.
Direct link to Acris document. link