Slavko Bernic signs $14.4M refi for 69-unit elevator building in East Village

Slavko Bernic through the entity 121 East 12th Street, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $14.4 million for the 69-unit residential elevator building at 115 East 12th Street in East Village, Manhattan.
The deal closed on February 18, 2022 and was recorded on February 28, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $16.8 million.
The property has 41,750 square feet of built space and 8,012 square feet of additional air rights for a total buildable of 49,725 square feet according to PincusCo analysis of city data. The loan price per built square foot is $344 and the price per buildable square foot is $289 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 November 30, 2007, for $6.8 million.
The signatory for Slavko Bernic was Slavko Bernic. The signatory for JPMorgan Chase was Ursula Flores.
The 41,750-square-foot property generated revenue of $2.2 million or $53 per square foot, according to the most recent income and expense figures.

In East Village, the bulk, or 35 percent of the 19.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 37 percent of the 313,672 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 26 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Slavko Bernic, head officer and Blanka Bernic, officer. The business entity is 121 East 12 Street Llc.
Within a 400-foot radius of 115 East 12th 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 a permit application filed on February 4, 2022 for the $800,000 renovation of 57,287-square-foot R-2 building with 37 residential units at 114 East 13th Street.
One of those seven items was a sale which Manhattan Christian Gathering Inc. bought one condo unit in the 3,657-square-foot, 12-unit mixed-use building (RM) on 130 East 12th Street for $5.2 million from 130 East Realty LLC on January 10, 2022.
Of those seven items, five were loans above $5 million totaling $54 million. The most recent of the five was Caiola Family which borrowed $13.9 million from JPMorgan Chase secured by the 42,000-square-foot, 62-unit rental (D6) on 70 East 12th Street on February 8, 2022.

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