Sutton Management signs $39.4M in refis with Customers Bank for elevator buildings in Manhattan

Sutton Management signed two loans totaling $39.4 million with Customers Bank for residential elevator buildings in Manhattan.

In the larger, Sutton Management through the entity 601 Associates LLC as borrower signed a refi loan with lender Customers Bank valued at $22.3 million for the 86-unit residential elevator building at 620 West 143rd Street in Harlem, Manhattan.
The deal closed on December 30, 2021 and was recorded on January 25, 2022. The prior lender was Santander Bank which held debt that had an original loan amount of $25.5 million.
The property has 87,365 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $255 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 November 3, 2005, for $2.3 million.
The signatory for Sutton Management was Samuel G. Sutton and Abraham M. Sutton. The signatory for Customers Bank was Leo DiLoreto.
The 87,365-square-foot property generated revenue of $2.8 million or $32 per square foot, according to the most recent income and expense figures.

In Harlem, the bulk, or 42 percent of the 99.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Harlem has 2.2 times the average sales volume among other neighborhoods with $607.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 79 percent of the 372,310 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 9 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Abraham Sutton, head officer and Samuel Sutton, officer. The business entity is 601 Associates, Llc.
Within a 400-foot radius of 620 West 143rd Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, six were loans above $5 million totaling $85.1 million. The most recent of the six was Sugar Hill Capital Partners which borrowed $16.8 million from Signature Bank secured by the 33,190-square-foot, 35-unit rental (D1) on 617 West 143rd Street and three other properties on November 12, 2021.

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In the second, Sutton Management through the entity 161 Street Associates, LLC as borrower signed a refi loan with lender Customers Bank through the entity Customers Bank valued at $17.1 million for the 62-unit residential elevator building at 605 West 161st Street in Washington Heights, Manhattan.
The deal closed on December 29, 2021 and was recorded on January 25, 2022. The prior lender was TD Bank which held debt that had an original loan amount of $16.5 million.
The property has 53,832 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $317 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 January 29, 2013, for $3 million.
The signatory for Sutton Management was Samuel G. Sutton and Abraham M. Sutton. The signatory for Customers Bank was Leo DiLoreto.
The 53,832-square-foot property generated revenue of $1.4 million or $27 per square foot, according to the most recent income and expense figures.

(121761913)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 62 residential units on June 22, 2016. (121761913) Plans for a 62-unit, 46,143 square-foot R-2 were filed on August 28, 2013 and were permitted on July 28, 2014.
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 75 percent of the 1.9 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 20 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Abraham Sutton, head officer and Samuel Sutton, officer. The business entity is West 161st St. Associates Llc.
Within a 400-foot radius of 605 West 161st Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, six were loans above $5 million totaling $108.4 million. The most recent of the six was Alma Realty which borrowed $57.7 million from New York Community Bank secured by the 105,000-square-foot, 68-unit rental (D6) on 3851 Broadway and six other properties on May 5, 2021.

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