Townhouse Management sign $18.9M refi with Derby Copeland for 8-unit rental in Lenox Hill
Townhouse Management Company through the entity 39-37-35 East 63rd Residential LLC as borrower signed a refi loan with lender Derby Copeland Capital through the entity CF Dcope Atls LLC valued at $18.9 million for the eight-unit rental condo at 35 East 63rd Street in Lenox Hill, Manhattan.
The deal closed on August 6, 2024 and was recorded on August 9, 2024. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $18.5 million.
The property has 22,591 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $834 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 Townhouse Management Company was Mitchel Maidman. The signatory for Derby Copeland Capital was Jesse Hutcher.
The property
The rental condo with 8 residential units in Lenox Hill has 22,591 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 22,591 square feet. The city-designated market value for the property in 2022 is $16 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 not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on August 3, 2012. 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 nine of the 30 commercial properties representing 76,992 square feet of the 263,752 square feet. The largest owner is 63rd Street Bldg Llc, followed by Gpg Properties and then Graff.
There are no active new building construction projects on this tax block.
The majority, or 30 percent of the 263,752 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.
The borrower
The PincusCo database currently indicates that Townhouse Management Company owned at least four commercial properties with 61 residential units in New York City with 29,135 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $97.2 million in debt, with top three lenders as White Oak Real Estate, Santander Bank, and OceanFirst Bank respectively. Within the portfolio, the bulk, or 96 percent of the 29,135 square feet of built space are walkup properties, with mixed-use properties next occupying 4 percent of the space. They are all located in Manhattan.
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