Torkian Group signs $31.2M refi loan with New York Community for rental in Korea Town

Torkian Group through the entity 1265 Broadway LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $31.2 million for the 70-unit rental (D6) at 1265-1269 Broadway in Korea Town, Manhattan.
The deal closed on September 1, 2021 and was recorded on December 2, 2021.
The property has 62,612 square feet of built space and 8,136 square feet of additional air rights for a total buildable of 70,750 square feet according to PincusCo analysis of city data. The loan price per built square foot is $498 and the price per buildable square foot is $441 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 1, 2004, for $15.2 million.
The signatory for Torkian Group was Hersel Torkian.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $900,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $939,500. One of the projects were to change the building from a COM to a R-1 and were permitted on November 7, 2019.
The owners according to the Department of Housing Preservation and Development includes Hersel Torkian, head officer and Behrooz Torkian, officer. The business entity is 1265 Broadway Llc.
Within a 400-foot radius of 1265-1269 Broadway, 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 $580.3 million. The most recent of the six was RCI Hospitality Holdings which borrowed $10.7 million from Centennial Bank secured by the 7,450-square-foot, one-unit mixed-use building (K2) on 50 West 33rd Street on October 18, 2021.

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