Solomon Rubin signs $38.8M refi loan with Dwight Capital for medical building in Harlem

Solomon Rubin through the entity Harlem Center Properties LLC as borrower signed a refi loan with lender Dwight Capital valued at $38.8 million for the specialty building (I6) at 30 West 138th Street in Harlem, Manhattan.
The deal closed on January 10, 2023 and was recorded on January 19, 2023. The prior lender was Signature Bank which held debt that had an original loan amount of $37 million.The property has 69,803 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $555 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 June 27, 2018, for $25 million. The signatory for Solomon Rubin was Solomon Rubin. The signatory for Dwight Capital was Carmen Aguilar.

The property

The 30 West 138th Street parcel has frontage of 175 feet and is 99 feet deep with a total lot size of 17,486 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

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 Harlem, the bulk, or 44 percent of the 79.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 31 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $750.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 3.6 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Manhattan. It had 3.8 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. There were four pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 85,413 square feet of the 396,230 square feet. The largest owner is Yechiel Newhouse, followed by Shaul Kopelowitz and then L+M Development Partners.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 396,230 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Solomon Rubin owned at least two commercial properties in New York City with 57,819 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio has $10.1 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, the bulk, or 89 percent of the 57,819 square feet of built space are specialty properties, with industrial properties next occupying 11 percent of the space. They are all located in Brooklyn.

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