Acram, Bulldog RE Partners sign $42.2M loan with BridgeInvest for office in Greenwich Village

Acram Group and Bulldog Real Estate Partners through the entity 88u Owner LLC as borrower signed an acquisition loan with lender BridgeInvest through the entity BI 147 LLC valued at $42.2 million for the office building (O6) at 88 University Place in Greenwich Village, Manhattan.
The deal closed on March 24, 2026 and was recorded on March 30, 2026. The prior lender was Deutsche Bank which held debt that had an original loan amount of $48.4 million. The property has 70,642 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $495 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 March 24, 2026, for $46 million. The signatory for Acram Group and Bulldog Real Estate Partners was David Taylor . The signatory for BridgeInvest was Daniel Stahl.

The property

The office building in Greenwich Village has 70,642 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 110 feet deep with a total lot size of 6,750 square feet. The lot is irregular. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $30.6 million. BridgeInvest on March 24, 2026 bought a loan with an original principal of $48.4 million from Deutsche Bank signed by Christopher Harris .

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 $9,050 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 neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.9 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 26th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 99,043 square feet of the 138,850 square feet. The largest owner is Bldg Management, followed by Jonathan Posner and then David Switzer.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 138,850 square feet of built space are office buildings, with mixed-use buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Acram Group owned at least one commercial property in New York City with 70,642 square feet and a city-determined market value of $29.1 million. (Market value is typically about 50% of actual value.) The portfolio has $19.5 million in debt, borrowed from Waterfall Asset Management. The portfolio consists of at least a single office property. It is located in Manhattan.

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