Sackman Enterprises signs $12.5M loan memo with First Republic Bank for UWS development site

Sackman Enterprises through the entity Alan Sackman as borrower signed a loan memorandum with lender First Republic Bank valued at $12.5 million for the development site (V1) at 15-19 West 96th Street in Upper West Side, Manhattan.
The deal closed on September 28, 2021 and was recorded on October 5, 2021.
(121192404) Plans for a 17-unit, 60,334 square-foot R-2 were filed on December 18, 2014 and were permitted on November 28, 2020.
The loan price per buildable square foot is $207 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 Sackman Enterprises was James W. Hefelfinger, Carter Sackman, and Alan Sackman. The signatory for First Republic Bank was Kolette de Bocos.

This is a memorandum noting the guarantors. The original loan was from 2015.

Within a 400-foot radius of 15-19 West 96th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $4.0 million. The most recent of these two items was the permit on June 24, 2021 for a 174,608-square-foot R-2 building with 95 residential units at 360 Central Park West.
One of those three items was a loan which Joshua S. Eisenberg borrowed $5.0 million from First Republic Bank secured by the 4,024-square-foot, two-unit two-family building (B9) on 47 West 95th Street on March 5, 2021.

Direct link to Acris document. link