S.W. Management signs $28.2M refi for four properties in Upper West Side

S.W. Management through the entity 200-230 W. 99 Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $28.2 million for four properties including the 21-unit residential elevator building (D7) at 230 West 99th Street in Upper West Side, Manhattan, 25-unit residential elevator building (D1) at 212-216 West 99th Street in Upper West Side, Manhattan, and 26-unit residential elevator building (D1) at 200-210 West 99th Street in Upper West Side, Manhattan.
The deal closed on January 1, 2022 and was recorded on August 3, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $28.4 million.The four properties have 107,203 square feet of built space and 14,422 square feet of additional air rights for a total buildable of 119,814 square feet according to PincusCo analysis of city data. The loan price per built square foot is $262 and the price per buildable square foot is $235 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 S.W. Management was Alan Wasserman. The signatory for New York Community Bank was John Feijoo.

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 230 West 99th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Scott Goldenberg, head officer and David Berger, site manager. The business entity is 200-230 W. 99 Realty Llc. The four properties with a total of 107,203 square feet of built space generated revenue of $3.3 million per year or $31 per square foot.

The property

The 230 West 99th Street parcel has frontage of 55 feet and is 125 feet deep with a total lot size of 6,875 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The property has a J-51 exemption that started in 2005.0 and expires in 2039.0. The city-designated market value for the property in 2022 is $6.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $2,500 in ECB penalties, nine housing violations, $3,975 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot buildings, one out of the four 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 $5 million on this tax lot.

The block

On the tax block of 230 West 99th Street, PincusCo has identified the owners of seven of the 27 commercial properties representing 225,714 square feet of the 345,891 square feet. The largest owner is S.W. Management, followed by Scharfman Organization and then Abraham R. Oved.
There are no active new building construction projects on this tax block.

the majority, or 60 percent of the 324,794 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that S.W. Management owned at least 214 commercial properties in New York City with 6,486,541 square feet and a city-determined market value of $1.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $321.9 million in debt, with top three lenders as Signature Bank, Deutsche Bank, and Capital One respectively. Within the portfolio, the bulk, or 65 percent of the 6,486,541 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.

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