SMA Equities signs $34.3M refi with Safra National Bank for three properties in Upper East Side

SMA Equities through the entity Dmz III 1495, LLC as borrower signed a refi loan with lender Safra National Bank through the entity Safra National Bank Of New York valued at $34.3 million for three properties including the office building (O5) at 1491 3rd Avenue in Upper East Side, Manhattan, mixed-use building (K2) at 1495 3rd Avenue in Upper East Side, Manhattan, and mixed-use building (K2) at 1501 3rd Avenue in Upper East Side, Manhattan.
The deal closed on September 7, 2021 and was recorded on October 7, 2021.
The three properties have 47,835 square feet of built space and 81,556 square feet of additional air rights for a total buildable of 129,360 square feet according to PincusCo analysis of city data. The loan price per built square foot is $717 and the price per buildable square foot is $265 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 SMA Equities was Alexander Seligson.

Sassan Mahfar is principal and co-founder of SMA Equities.

Within a 400-foot radius of 1491 3rd Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on June 22, 2020 for a 208,881-square-foot R-2 building with 86 residential units at 200 East 83rd Street.
One of those four items was a sale which 220 East 86Th Street Lp bought the 38,590-square-foot, 48-unit rental (D6) on 220 East 86th Street for $14 million from Bremen House Inc. on January 21, 2021.
Of those four items, two were loans above $5 million totaling $36.6 million. The most recent of the two was Billur Akipek which borrowed $26.6 million from Signature Bank secured by the 36,237-square-foot, 48-unit rental (D6) on 220 East 86th Street and three other properties on January 5, 2021.

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