Urban View signs $5.3M refi loan with Genesis Capital for 11-unit walkup in Kips Bay

Urban View Development Group through the entity East 30 Street LLC as borrower signed a refi loan with lender Genesis Capital valued at $5.3 million for the 11-unit residential walkup building (C5) at 151 East 30th Street in Kips Bay, Manhattan.
The deal closed on November 16, 2022 and was recorded on January 18, 2023. The prior lender was Goldman Sachs which held debt that had an original loan amount of $3.7 million. The property has 7,510 square feet of built space and 395 square feet of additional air rights for a total buildable of 7,900 square feet according to PincusCo analysis of city data. The loan price per built square foot is $705 and the price per buildable square foot is $670 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 May 13, 2021, for $4.4 million. The signatory for Urban View Development Group was Nadav Hamo.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Mike Aharon, head officer. The business entity is East 30 Street Llc. The 7,510-square-foot property generated revenue of $258,194 or $34 per square foot, according to the most recent income and expense figures.

The property

The 151 East 30th Street parcel has frontage of 20 feet and is 98 feet deep with a total lot size of 1,975 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $785 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 block

On this tax block, PincusCo has identified the owners of 14 of the 48 commercial properties representing 231,763 square feet of the 675,159 square feet. The largest owner is Witnick Real Estate Partners, followed by Vintage Group and then Valentino Yung.
On the tax block, there was one new building construction project filed totaling 42,608 square feet. It is a 43-unit, 42,608-square-foot R-2 building developed by Menahem Chukroon with plans filed October 9, 2018 and permitted January 7, 2020.

The majority, or 29 percent of the 670,273 square feet of built space are elevator buildings, with office buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Urban View Development Group owned at least 14 commercial properties in New York City with 108,417 square feet and a city-determined market value of $18.7 million. (Market value is typically about 50% of actual value.) The portfolio has $52.2 million in debt, with top three lenders as Terra Solid Capital, Citibank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 31 percent of the 108,417 square feet of built space are elevator properties, with specialty properties next occupying 24 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.

Direct link to Acris document. link