Stellar Management signs $21M refi with Bank of Montreal for 84-unit walkup in East Village
Stellar Management through the entity 236-244 East 13th Owner LLC as borrower signed a refi loan with lender Bank of Montreal through the entity Bank Of Montreal valued at $21 million for the 84-unit residential walkup building (C7) at 236 East 13th Street in East Village, Manhattan.
The deal closed on October 7, 2024 and was recorded on October 15, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $21.2 million.The property has 53,412 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $393 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 Bank of Montreal was Leanne Lispi.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Smajljle Srdanovic, head officer and Smajlje Srdanovic, head officer. The business entity is Next Generation 13th St Assoc Llc.
The property
The residential walkup building with 84 residential units in East Village has 53,412 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 103 feet deep with a total lot size of 12,908 square feet. 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 $12.4 million. The most recent loan totaled $21.2 million and was provided by New York Community Bank on June 24, 2019. The property has 7 rent regulated units according to city tax records from 2023.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $1,500 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 13 of the 23 commercial properties representing 277,563 square feet of the 367,308 square feet. The largest owner is Manocherian Brothers, followed by Croman Real Estate and then Stellar Management.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 367,308 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.
The borrower
The PincusCo database currently indicates that Stellar Management owned at least 81 commercial properties with 7,722 residential units in New York City with 10,213,506 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Helaba respectively. Within the portfolio, the bulk, or 77 percent of the 10,213,506 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.
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