Union Club signs $7.4M refi loan with First Republic for UES location

Union Club of the City of New York as borrower signed a refi loan with lender First Republic Bank through the entity First Republic Bank valued at $7.4 million for the 210-unit hotel (H5) at 101 East 69th Street in Upper East Side, Manhattan.
The deal closed on October 29, 2021 and was recorded on November 17, 2021.
The property has 87,047 square feet of built space and 40,768 square feet of additional air rights for a total buildable of 127,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $85 and the price per buildable square foot is $57 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 Union Club of the City of New York was J. Richard Tutino Jr..
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1.5 million.

In similar transactions, the Women’s National Republic Club borrowed $6 million in August 2021 and the Friars Club borrowed $13 million in July 2021.

The Union Club owner representatives according to the Department of Housing Preservation and Development include J. Richard Tutino, head officer and Frank Arisman, officer. The business entity is Union Club Of The New York, Inc.

Within a 400-foot radius of 101 East 69th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were sales above $5 million totaling $62.2 million. The most recent of the four was Nomad Ventures Usa LLC which bought the 6,500-square-foot, three-unit mixed-use building (S2) on 121 East 69th Street for $10 million from Ira Titunik on September 20, 2021.

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