Sela Group signs $99M rehab construction loan with Madison Realty for six properties in NYC

Gal Sela’s Sela Group through the entity Manhattan Avenue Hotel LLC as borrower signed a rehab construction loan with lender Madison Realty Capital through the entity Brooklyn Queens Portfolio Lender 1 LLC valued at $99 million for six properties including the industrial (E1) at 29 Ryerson Street in Clinton Hill, Brooklyn, rental (HR) at 1109 Manhattan Avenue in Greenpoint, Brooklyn, and hotel (H9) at 39-35 27th Street in Astoria, Queens.
The deal closed on November 4, 2021 and was recorded on December 17, 2021.
The six properties have 256,415 square feet of built space and 26,034 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $386 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 Sela Group was Gal Sela. The signatory for Madison Realty Capital was David Speiser and Shoshana Carmel.

This is a rehab construction loan composed of a $70.925 million land loan, a $17.6 million building loan and a $10.5 million project loan. Arch Companies alleged in 2020 that it had control over these properties, which the Sela Group disputed at the time.
Within a 400-foot radius of 29 Ryerson Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 25, 2021 for the $34.8 million renovation of 532,210-square-foot B building with N/A residential units at 47 Hall St.
Of those seven items, three were sales above $5 million totaling $348.0 million. The most recent of the three was Meadow Partners which bought the 14,780-square-foot, one-unit industrial (E9) on 8 Grand Avenue and one other property for $17.2 million from Workable City Development on November 15, 2021.
Of those seven items, three were loans above $5 million totaling $46.8 million. The most recent of the three was Meadow Partners which borrowed $22.5 million from Fortress Investment Group secured by the 14,780-square-foot, one-unit industrial (E9) on 8 Grand Avenue and one other property on November 15, 2021.

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