Alexander Rovt consolidates $145M debt with AR Beta LLC for 14 Wall St. in FiDi

Alexander Rovt through the entity Roza 14w LLC as borrower signed a debt consolidation with lender AR Beta LLC through the entity AR Beta LLC valued at $145 million for the office building (O4) at 14 Wall Street in Financial District, Manhattan.
The deal closed on November 23, 2022 and was recorded on October 7, 2024. The property has 839,749 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $172 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 April 4, 2012, for $294.4 million. The signatory for Alexander Rovt was Steven Plotnick. The signatory for AR Beta LLC was Irina Benfeld. In this transaction, Apple Bank assigned $60 million of original principal to AR Beta LLC, which already had $85 million principal, for a total of $145 million.

The property

The office building in Financial District has 839,749 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 160 feet and is 196 feet deep with a total lot size of 32,947 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $167.7 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 received $10,645 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 23, 2012. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Alexander Rovt owned at least one commercial property with 55 residential units in New York City with 52,830 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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