TriArch signs $19M refi with Benefit Street for 83-unit UWS rental

TriArch Real Estate Group through the entity 2785 Broadway LLC as borrower signed a refi loan with lender Benefit Street Partners through the entity Bsprt Cre Finance, LLC valued at $19 million for the midblock 83-unit residential elevator building at 2785 Broadway in Upper West Side, Manhattan.
The deal closed on March 7, 2022 and was recorded on April 13, 2022. The prior lender was Dime Community Bank which held debt that had an original loan amount of $16 million.The property has 30,218 square feet of built space and 44,775 square feet of additional air rights for a total buildable of 75,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $628 and the price per buildable square foot is $253 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 August 7, 2019, for $22.6 million. The signatory for TriArch Real Estate Group was Christopher M. DeAngelis. The signatory for Benefit Street Partners was Micah Goodman.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Chris Deangelis, head officer and Sam Barkoff, agent. The business entities are Trihill Management Llc and 2785 Broadway Llc. The 30,218-square-foot property generated revenue of $1.4 million or $47 per square foot, according to the most recent income and expense figures.

The property

The 2785 Broadway parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is C2-8A 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 $7.1 million. The most recent loan totaled $16 million and was provided by Dime Community Bank on August 7, 2019.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received four DOB violations, $3,125 in ECB penalties, four housing violations, and $3,475 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 $5 million on this tax lot.

The neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 24 commercial properties representing 156,583 square feet of the 369,641 square feet. The largest owner is Heller Realty, followed by TriArch Management and then Brusco Group. There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 943,956 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that TriArch Real Estate Group owned at least three commercial properties with 42,880 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are residential walkup properties. They are all located in Queens.

Surrounding

Within a 400-foot radius of 2785 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which an entity bought the 9,083-square-foot, one-unit townhouse (A9) on 352 Riverside Drive for $15.2 million from 352 RSD LLC on June 14, 2021.
Of those four items, three were loans above $5 million totaling $29.1 million. The most recent of the three was Heller Realty which borrowed $14.7 million from Santander Bank secured by the 83,805-square-foot, 60-unit rental (D3) on 949 West End Avenue on November 9, 2021.

Direct link to Acris document. link