Warren Switzler signs $45.8M refi for 42-unit UWS rental facing Central Park

Warren Switzler through the entity Brookford LLC as borrower signed a refi loan with lender New York Community Bank valued at $45.8 million for the 42-unit residential elevator building (D6) at 315 Central Park West in Upper West Side, Manhattan.
The deal closed on June 27, 2022 and was recorded on July 25, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $52 million.The property has 109,769 square feet of built space and 11,118 square feet of additional air rights for a total buildable of 120,850 square feet according to PincusCo analysis of city data. The loan price per built square foot is $416 and the price per buildable square foot is $378 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 Warren Switzler was Warren Switzler. The signatory for New York Community Bank was Alan L. Kaufman. This is a loan modification and extension, with the interest rate at 3.50% until 2032.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Dick Bower, head officer. The business entity is Brookford Llc. The 109,769-square-foot property generated revenue of $2.8 million or $26 per square foot, according to the most recent income and expense figures.

The property

The 315 Central Park West parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 12,085 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $13.8 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 one DOB violation and five housing violations 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 three of the four commercial properties representing 315,015 square feet of the 430,295 square feet. The largest owner is New York City Housing Authority, followed by Dick Bower and then Abidin Radoncic. There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 430,295 square feet of built space are elevator buildings, with specialty buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Warren Switzler owned at least one commercial property in New York City with 45,859 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Queens.

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