Sharp Management signs $30.3M refi with Newpoint for 148-unit rental in Mott Haven

Sharp Management through the entity 138-Sharp Realty LLC as borrower signed a refi loan with lender Newpoint Real Estate Capital valued at $30.3 million for the 148-unit residential elevator building (D7) at 430 East 138th Street in Mott Haven, Bronx.
The deal closed on February 29, 2024 and was recorded on March 4, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $21.5 million.The property has 145,936 square feet of built space according to a PincusCo analysis of city data. The loan price per built 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 Sharp Management was Martin Kirzner. The signatory for Newpoint Real Estate Capital was Brad Casey.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Martin Kirzner, head officer and Ben Schwadel, agent. The business entity is 138 Sharp Realty Llc. The 145,936-square-foot property generated revenue of $2.6 million or $18 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 148 residential units in Mott Haven has 145,936 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 200 feet deep with a total lot size of 29,999 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $10.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations, 126 housing violations, and $450 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 32 commercial properties representing 241,033 square feet of the 410,813 square feet. The largest owner is Sharp Management, followed by Sam Farber and then Renaissance Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 410,813 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Sharp Management owned at least 62 commercial properties with 1,605 residential units in New York City with 1,402,697 square feet and a city-determined market value of $112.4 million. (Market value is typically about 50% of actual value.) The portfolio has $82.5 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Signature Bank respectively. Within the portfolio, the bulk, or 68 percent of the 1,402,697 square feet of built space are walkup properties, with elevator properties next occupying 28 percent of the space. The bulk, or 59 percent of the built space, is in Bronx, with Brooklyn next at 22 percent of the space.

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