Theodate Coates signs $19.9M refi loan with Bank of Montreal for 101-unit rental in Lenox Hill

Theodate Coates, the daughter of the late shipping and real estate magnate Benjamin Coates, through the entity Joshua Baily Shipping Company LLC as borrower signed a refi loan with lender Bank of Montreal valued at $19.9 million for the 101-unit residential elevator building (D6) at 177 East 75th Street in Lenox Hill, Manhattan.
The deal closed on July 17, 2023 and was recorded on July 25, 2023. The prior lender was Royal Bank Of Canada which held debt that had an original loan amount of $22.7 million.
The property has 186,802 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $106 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 Theodate Coates was Theodate L. Coates. The signatory for Bank of Montreal was Laura Ullman.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Thomas Mars, head officer and John Byers, agent. The business entities are Joshua Baily Shipping Co and Joshua Baily Shipping Company Llc. The 186,802-square-foot property generated revenue of $8.1 million or $43 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 101 residential units in Lenox Hill has 186,802 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 102 feet deep with a total lot size of 12,260 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $38.9 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 $13,360 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

There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 350,467 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

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