Stahl Org. signs $53.4M refi loan with Morgan Stanley for UWS commercial

Stahl Organization through the entity Ansonia Commercial LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank valued at $53.4 million for two commercial condominium units in the Ansonia at 2109 Broadway, on the Upper West Side, Manhattan, a retail condo and a school condo.
The deal closed on March 10, 2025 and was recorded on March 19, 2025. The prior lender was TD Bank which held debt that had an original loan amount of $60 million. The two properties have 120,288 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $443 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 American Musical and Dramatic Academy occupies the school condo unit.

The property

The commercial condos in Upper West Side has 120,288 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 109,436 square feet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Upper West Side has 2.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 2109 Broadway, PincusCo has identified the owners of eight of the 12 commercial properties representing 84,424 square feet of the 105,715 square feet. The largest owner is PH Realty Capital, followed by Brusco Group and then Finger Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 105,715 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

Direct link to Acris document. link