RY Funding buys $8.5M note secured by Ezak Assa’s Midtown West properties
RY Funding LLC bought a note with an original principal of $8.5 million from Namdar Realty Group secured by Ezak Assa’s six-unit building (K9) at 334 West 46th Street in Midtown West, Manhattan and six-unit rental (C2) at 336 West 46th Street in Midtown West, Manhattan.
The deal closed on June 29, 2021 and was recorded on August 9, 2021.
The two properties have 9,299 square feet of built space and 26,994 square feet of additional air rights for a total buildable of 36,300 square feet according to PincusCo analysis of city data. The loan price per built square foot is $0 and the price per buildable square foot is $0 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.)
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Salim Assa, head officer and Sol Chakalo, site manager. The business entities are Bds Realty Management, Llc and West 46th Street Investors, Llc.
Within a 400-foot radius of 334 West 46th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit application filed on June 18, 2020 for a 194,552-square-foot office B building at 740 Eighth Avenue.
Of those 11 items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $860,000 and two permits with a total initial cost of $3.5 million. The most recent of these four items was the permit on December 2, 2020 for a 286,260-square-foot residential R-2 building with 187 residential units at 750 8th Avenue.
One of those 11 items was a sale which Florence Chia bought the 3,756-square-foot, six-unit mixed-use building (S5) on 328 West 45th Street for $5.6 million from Penn South Capital on June 3, 2020.
Of those 11 items, five were loans above $5 million totaling $61.2 million. The most recent of the five was Julian Romano which borrowed $7.8 million from JPMorgan Chase Bank Na secured by the 11,275-square-foot, 22-unit rental (C7) on 324 West 47th Street and one other property on December 15, 2020.
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