Zucker Organization signs $56M refi loan with PCCP for rental in Murray Hill

Zucker Organization through the entity 34th St. South LLC as borrower signed a refi loan with lender PCCP through the entity Cred Reit Holdco LLC valued at $56 million for the 195-unit rental (D6) at 115 East 34th Street in Murray Hill, Manhattan.
The deal closed on November 24, 2021 and was recorded on December 14, 2021.
The property has 164,073 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $341 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 Zucker Organization was Laurie Zucker Lederman.
(122453166)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 197 residential units on July 20, 2017.
The loan adds a $34 million gap loan, more than doubling the debt which was previously given by State Farm Life Insurance.
The owners according to the Department of Housing Preservation and Development includes Laurie Zucker, head officer and Albert Berkowitz, officer. The business entities are Manhattan Skyline Mgmt and 34th Street South, Llc.
Within a 400-foot radius of 115 East 34th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $56.1 million. The most recent of the three was Samson Management which borrowed $31.0 million from Societe Generale secured by the 71,115-square-foot, 102-unit rental (D6) on 15 Park Avenue on September 14, 2021.

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