SJM Partners signs $15M refi with Timbercreek Capital for storage in Yorkville

SJM Partners through the entity CS SJM E 92nd Street Owner, LLC as borrower signed a refi loan with lender Timbercreek Capital through the entity Tnam Us Seller Ii Lp valued at $15 million for the storage building (E7) at 428 East 92nd Street in Yorkville, Manhattan.
The deal closed on September 27, 2024 and was recorded on October 10, 2024. The prior lender was TD Bank which held debt that had an original loan amount of $14.9 million.The property has 44,386 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $337 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 30, 2019, for $5.3 million. The signatory for SJM Partners was Stephen McBride. The signatory for Timbercreek Capital was R. Blair Tamblyn.

The property

The industrial building in Yorkville has 44,386 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,553 square feet. The zoning is C8-4 which allows for up to 5 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $6 million. The most recent loan totaled $14.9 million and was provided by TD Bank on July 19, 2019.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 10, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 2 times the average sales volume among other neighborhoods with $498.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 26th highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 340,054 square feet of the 771,442 square feet. The largest owner is Stonehenge Nyc, followed by Eli Zabar and then Bayrock Capital.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 771,442 square feet of built space are elevator buildings, with industrial buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Sjm Partners owned at least two commercial properties in New York City with 96,502 square feet and a city-determined market value of $22.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Manhattan.

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