Wharton Properties signs $38.9M refi for Columbia U.-leased retail in UWS

Wharton Properties through the entity 2700 Broadway Owners LLC as borrower signed a refi loan with lender UMB Bank trustee through the entity The CU II (New York, Ny) valued at $38.9 million for the retail condo at 2700 Broadway in Upper West Side, Manhattan.
The deal closed on May 30, 2025 and was recorded on July 3, 2025. The prior lender was “Columbia University (New York, NY) CTL Pass-Through Trust” which held debt that had an original loan amount of $38 million.
The property has 24,963 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,558 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 Wharton Properties and Jenel Real Estate was Jeff Sutton . The signatory for UMB Bank trustee was Elizabeth A. Brewster.

The prior loan for $38 million was bifurcated in a senior loan for $33 million and a subordinate loan for $5 million. The subordinate loan was increased by $915,000.

The property

The retail condo in Upper West Side has 24,963 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,963 square feet. The city-designated market value for the property in 2022 is $11.6 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 not received any significant violations 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 neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.3 times the average sales volume among other neighborhoods with $877.3 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has 2.1 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 265,590 square feet of the 461,484 square feet. The largest owner is Sackman Enterprises, followed by New York City Housing Authority and then Yecheskel Eisenbach.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 461,484 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Wharton Properties owned at least 86 commercial properties with 204 residential units in New York City with 3,291,819 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $263.8 million in debt, with top three lenders as Valley National Bank, Bank of China, and Provident Bank respectively. Within the portfolio, the bulk, or 68 percent of the 3,291,819 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.
The PincusCo database currently indicates that Jenel Real Estate owned at least nine commercial properties with 348 residential units in New York City with 368,632 square feet and a city-determined market value of $162.7 million. (Market value is typically about 50% of actual value.) The portfolio has $132.8 million in debt, with top three lenders as Goldman Sachs, Webster Bank, and BankUnited respectively. Within the portfolio, the bulk, or 55 percent of the 368,632 square feet of built space are hotel properties, with retail properties next occupying 30 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Queens next at 17 percent of the space.

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