Sachs Companies signs $81.2M refi loan for three properties in Manhattan

Sachs Companies through the entity 155 East Property LLC as borrower signed a refi loan with lender Prime Finance Partners through the entity Prime Finance Short Duration Holding Company II LLC valued at $81.2 million for three properties including the 56-unit office building (O6) at 155 East 55th Street in Plaza District, Manhattan, 79-unit rental (D6) at 65 West 55th Street in Plaza District, Manhattan, and 105-unit rental (D6) at 210 East 58th Street in Midtown East, Manhattan.
The deal closed on June 7, 2021 and was recorded on June 25, 2021.
The three properties have 333,136 square feet of built space and 0 square feet of additional air rights for a total buildable of 264,924 square feet according to PincusCo analysis of city data. The loan price per built square foot is $243 per the PincusCo analysis.
The signatory for Sachs Companies was Curtis Sachs. Alvin Dworman recently sold a stake in these buildings to Palin Enterprises on June 7, 2021.

Within a 400-foot radius of 65 West 55th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for a major renovation including a certificate of occupancy change. It was a permit issued on January 27, 2020 for the $2 million renovation of 11,421-square-foot building with no residential units at 26 West 56th Street.
Of those five items, two were sales above $5 million totaling $22.2 million. The most recent of the two was Dreamaps Estate Ny LLC which bought the 14,680-square-foot, 12-unit rental (D7) on 45 West 55th Street for $12.2 million from Sierra Real Estate on June 14, 2021.
Of those five items, two were loans above $5 million totaling $44.7 million. The most recent of the two was George Malkemus which borrowed $8 million from Signature Bank secured by the 6,848-square-foot, five-unit office building (O5) on 33 West 54th Street and one other property on September 4, 2020.

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