Stellar Management signs $11.5M refi with New York Community for two residential walkups in Chelsea

Stellar Management through the entity West 21st Street Associates, L.L.C. as borrower signed a refi loan with lender New York Community Bank valued at $11.5 million for two residential walkup properties including the 31-unit residential walkup building (C4) at 214 West 21st Street in Chelsea, Manhattan and 20-unit residential walkup building (C4) at 209 West 21st Street in Chelsea, Manhattan.
The deal closed on August 31, 2022 and was recorded on February 3, 2023. The prior lender was New York Community Bank which held debt that had an original loan amount of $11.5 million.The two properties have 29,576 square feet of built space and 246 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $390 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 Stellar Management was Adam Roman. The signatory for New York Community Bank was John Feijoo. This is a modification of a 2019 loan.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 214 West 21st Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Bobby Guttenberg, officer. The business entities are Stellar Management and West 21st Street Associates Llc. The two properties with a total of 29,576 square feet of built space generated revenue of $1.5 million per year or $50 per square foot.

The property

The 214 West 21st Street parcel has frontage of 46 feet and is 103 feet deep with a total lot size of 4,815 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $330 in OATH penalties 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 block

On the tax block of 214 West 21st Street, PincusCo has identified the owners of 11 of the 39 commercial properties representing 104,679 square feet of the 339,702 square feet. The largest owner is Witnick Real Estate Partners, followed by Stellar Management and then Robert Malta.
there are no active new building construction projects on this tax block.

the majority, or 63 percent of the 339,702 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 82 commercial properties in New York City with 10,094,297 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $2 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 78 percent of the 10,094,297 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 11 percent of the space.

Direct link to Acris document. link