Stahl Real Estate signs $20M refi loan for groundleased fee in Murray Hill

Stahl Real Estate through the entity Stanken Financing LLC as borrower signed a refi loan with lender State Farm Realty Mortgage valued at $20 million for the fee position under the office tower at 222 East 41st Street in Murray Hill, Manhattan. Stahl’s entity is the fee owner, while the ground tenant is Commerz Real, with the building subleased to NYU Langone.
The deal closed on April 29, 2022 and was recorded on May 25, 2022. The prior lender was Apple Bank for Savings which held debt that had an original loan amount of $15 million.
The signatory for Stahl Real Estate was Richard F. Czaja. The signatory for State Farm Realty Mortgage was Paul A. Heller and Christine M. Stoffer.

The block

On this tax block, PincusCo has identified the owners of five of the 94 commercial properties representing 84,609 square feet of the 1,292,010 square feet. The largest owner is Fedcap Rehabiliation Services, followed by Donal O’Sullivan and then Ivan Babenko. There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 396,311 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Stahl Real Estate owned at least seven commercial properties with 813,764 square feet and a city-determined market value of $132.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Apple Bank for Savings. Within the portfolio, the bulk, or 51 percent of the 813,764 square feet of built space are residential walkup properties, with residential elevator properties next occupying 45 percent of the space. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 222 East 41st Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Republic of Austria bought one condo unit in the 13,462-square-foot, 79-unit mixed-use building (RC) on 633 3rd Avenue for $10.7 million from Partnership to End Addiction on January 19, 2021.
Of those four items, three were loans above $5 million totaling $816 million. The most recent of the three was Durst Organization which borrowed $300 million from Citibank secured by the 289,356-square-foot, 92-unit office building (O4) on 655 3rd Avenue and 20 other properties on May 26, 2021.

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