Stellar Management signs $68M refi for 247-unit rental on UWS

Stellar Management through the entity 50 W 97 Owner LLC as borrower signed a refi loan with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $68 million for the 247-unit residential elevator building (D3) at 50 West 97th Street in Upper West Side, Manhattan.
The deal closed on August 14, 2023 and was recorded on August 29, 2023. The prior lender was Helaba which held debt that had an original loan amount of $75 million.The property has 349,740 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $194 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 Matthew Lembo. Matthew Lembo is a principal with Stellar Management. The signature for Helaba was Anne-Marie Francis and Jason Deck.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development include Smajlje Srdanovic, head officer and Arianit Jakupaj, officer. The business entity is West 97th St Realty Corp.

The property

The residential elevator building with 247 residential units in Upper West Side has 349,740 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 421 feet and is 100 feet deep with a total lot size of 42,537 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $22.9 million.

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 $2,250 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 four of the four commercial properties representing 598,371 square feet of the 598,371 square feet. The largest owner is Stellar Management, followed by Solomon Borg and then Sackman Enterprises.
On the tax block, there was one new building construction project filed totaling 60,334 square feet. It is a 17-unit, 60,334 square-foot residential (R-2) building submitted by Sackman Enterprises and filed by Jamie Hefelfinger with plans filed December 18, 2014 and permitted November 26, 2019.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 83 commercial properties with 7,619 residential units in New York City with 10,411,302 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as New York Community Bank, Goldman Sachs, and Signature Bank respectively. Within the portfolio, the bulk, or 76 percent of the 10,411,302 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.

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