Sharon Olson signs $17M refi loan with Signature Bank for hotel in Upper West Side

Sharon Olson through the entity 315 Montroyal LLC as borrower signed a refi loan with lender Signature Bank valued at $17 million for the midblock hotel building at 315 West 94th Street in Upper West Side, Manhattan.
The deal closed on March 29, 2022 and was recorded on April 18, 2022. The prior lender was Montroyal Associates, LLC which held debt that had an original loan amount of $1.4 million.

The property has 41,110 square feet of built space and 4,303 square feet of additional air rights for a total buildable of 45,451 square feet according to PincusCo analysis of city data. The loan price per built square foot is $413 and the price per buildable square foot is $374 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 owner bought the property on May 12, 2005, for $1.8 million. The signatory for Sharon Olson was Saul Bienenfeld. Sharon Olson signed on the previous mortgage for the property. The previous mortgage was a purchase-money mortgage.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Robert Beda, head officer. The business entity is 315 Montroyal Llc.

The property

The 315 West 94th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,550 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $7 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation and $1,950 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial alteration certificate of occupancy on October 1, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 380,978 square feet of the 777,409 square feet. The largest owner is NYC Department of Education, followed by Silvia Reyes and then Larry Tauber. There is one active new building construction project totaling 129,641 square feet. It is a 64-unit, 129,641-square-foot R-2 building developed by Edward Kalikow with plans filed December 22, 2014 and permitted June 23, 2015.

The majority, or 55 percent of the 812,565 square feet of built space are residential elevator buildings, with hotel buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 315 West 94th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $41.3 million. The most recent of the four was Esplanade Partners which borrowed $13 million from Valley National Bank secured by the 35,480-square-foot, one-unit rental (H6) on 306 West 94th Street and one other property on April 13, 2022.

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