Sugar Hill Capital signs $27.5M refi with Citibank for elevator building in Washington Heights
Sugar Hill Capital Partners through the entity 200 Haven Owner, LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $27.5 million for the 95-unit residential elevator building at 200 Haven Avenue in Washington Heights, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 8, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $25.4 million.
The property has 124,789 square feet of built space and 32,072 square feet of additional air rights for a total buildable of 156,971 square feet according to PincusCo analysis of city data. The loan price per built square foot is $220 and the price per buildable square foot is $175 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 owner bought the property on July 27, 2017, for $41 million.
The signatory for Sugar Hill Capital Partners was Margaret Grossman. The signatory for Citibank was Jonathan Misher.
The 124,789-square-foot property generated revenue of $2.4 million or $20 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $1.3 million.
PincusCo has identified 111 properties with 1,920 residential units composing the Sugar Hill portfolio, and of those, 10 buildings have been refinanced with $107 million in debt over the past 30 months, excluding the most recent transaction. That includes only deals above $5 million.
In Washington Heights, the bulk, or 49 percent of the 78 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $366.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 68 percent of the 6.8 million square feet of built space are specialty buildings, with residential elevator buildings next occupying 21 percent of the space. The tax block includes an unusually large number of city blocks, including one with a portion of Columbia University.
The owners according to the Department of Housing Preservation and Development includes David Schorr, head officer and Fiorella Selios, officer. The business entity is 200 Haven Owner, Llc.
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