Urban American, Brookfield sign $232.1M refi for 1,193-unit rental in Harlem

Urban American Management and Brookfield Properties through the entity Bsrep UA 3333 Broadway LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $232.1 million for the 1,193-unit rental building at 3333 Broadway in Harlem, Manhattan.
The deal closed on May 1, 2024 and was recorded on May 13, 2024. The prior lender was a commercial mortgage-backed security known as Series 2017-KBF1, which had an original loan amount of $245 million.
The property has 1,443,724 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $160 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 Urban American Management and Brookfield Properties was Joshua Eisenberg. The signatory for JPMorgan Chase was Jessica Wong.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Antoinette Travaglino, head officer and Jana Schmidt, officer. The business entity is Bsrep Ua 3333 Broadway Llc. The 1,443,724-square-foot property generated revenue of $35.1 million or $24 per square foot, according to the most recent income and expense figures.

The property

The building with 1,193 residential units in Harlem has 1,443,724 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 1,443,724 square feet. The city-designated market value for the property in 2022 is $182.9 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 306 housing violations, $300 in OATH penalties, and two housing litigations 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

On this tax block, PincusCo has identified the owners of eight of the 10 commercial properties representing 397,074 square feet of the 604,166 square feet. The largest owner is Urban American Management, then Talpion Fund Management, followed by Tahl Propp Equities and then Storagemart.
On the tax block, there was one new building construction project filed totaling 74,462 square feet. It is a 86-unit, 74,462 square-foot residential (R-2) building submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed June 15, 2022 and it has not been permitted yet.

The majority, or 31 percent of the 604,166 square feet of built space are industrial buildings, with specialty buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 57 commercial properties with 4,389 residential units in New York City with 25,030,096 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $10.8 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 25,030,096 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Urban American Management owned at least 17 commercial properties with 1,036 residential units in New York City with 785,090 square feet and a city-determined market value of $99 million. (Market value is typically about 50% of actual value.) The portfolio has $187.6 million in debt, with top three lenders as MetLife, New York Community Bank, and Spencer Savings Bank respectively. Within the portfolio, the bulk, or 73 percent of the 785,090 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 37 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.

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