Abraham Sanieoff signs $26.5M acquisition loan for $50.5M purchase in Village, Chelsea

Abraham Sanieoff signed a $26.5 million acquisition loan with Citizens Bank for three properties located in the West Village, Chelsea and Greenwich Village, in three separate transactions. The loan was for the purchase of these properties for $50.5 million from Page Management, which PincusCo reported on last week.

In the first, Abraham Sanieoff through the entity 300 West 12th Street LLC as borrower signed an acquisition loan with lender Citizens Bank valued at $13.5 million for the 54-unit residential elevator building (D9) at 300 West 12th Street in West Village, Manhattan.
The deal closed on September 19, 2024 and was recorded on October 9, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $14.5 million.The property has 34,872 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $387 per the PincusCo analysis.

In the second, Abraham Sanieoff through the entity 240 West 15th Street LLC as borrower signed an acquisition loan with lender Citizens Bank valued at $9.3 million for the 35-unit residential walkup building (C7) at 240 West 15th Street in Chelsea, Manhattan. The deal closed on September 19, 2024 and was recorded on October 9, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $11 million.The property has 23,112 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $404 per the PincusCo analysis.

In the third, Abraham Sanieoff through the entity 5 Jones Street NY LLC borrowed $3.65 million from Citizens Bank for the 12-unit residential walkup building (C7) at 5 Jones Street in Greenwich Village, Manhattan. The deal closed on September 19, 2024 and was recorded on October 9, 2024. The property has 9,610 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $380 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 Abraham Sanieoff was Abraham Sanieoff. The signatory for Citizens Bank was Garrett Sokoloff.

The property

The residential elevator building with 54 residential units in West Village has 34,872 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 120 feet deep with a total lot size of 8,625 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $9.6 million. The property has 13 rent regulated units according to city tax records from 2023.

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 $450 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 144,104 square feet of the 201,911 square feet. The largest owner is Page Management, followed by Croman Real Estate and then Charles Alpert (271).
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 201,911 square feet of built space are walkup buildings, with elevator buildings next occupying 48 percent of the space.

The borrower

The PincusCo database currently indicates that Abraham Sanieoff owned at least one commercial property with 30 residential units in New York City with 16,893 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $14.2 million in debt, borrowed from Santander Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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