Alf Naman signs $24.6M refi for industrial in West Village

Alf Naman Real Estate through the entity 125 Owners LLC as borrower signed a refi loan with lender Marathon Asset Management through the entity MAM Collateral Agent, LLC valued at $24.6 million for the industrial building (G1) at 738 Greenwich Street in West Village, Manhattan.
The deal closed on December 3, 2024 and was recorded on December 6, 2024. The prior lender was First-Citizens Bank & Trust Company which held debt that had an original loan amount of $39.6 million.The property has 39,628 square feet of built space and 400 square feet of additional air rights for a total buildable of 40,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $620 and the price per buildable square foot is $614 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 May 13, 2022, for $64.2 million. The signatory for Alf Naman Real Estate was Alfred David Naman. The signatory for Marathon Asset Management was Craig Thaler. The parties recorded a certificate of reduction.

Prior sales and revenue

The 39,628-square-foot property generated revenue of $1.2 million or $32 per square foot, according to the most recent income and expense figures.

The property

The industrial building in West Village has 39,628 square feet of built space and 400 square feet of additional air rights for a total buildable of 40,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 92 feet deep with a total lot size of 10,000 square feet. The lot is irregular. The zoning is C1-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $7.7 million. The most recent loan totaled $39.6 million and was provided by First Citizens Bank on May 13, 2022.

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 three DOB violations in the last year.

Development

On the lot, there is one active major alteration construction project, M00769995, for a eight-unit, 38,841 square-foot R-2 building. The project was submitted by Alf Naman Real Estate and filed by Donnchadh Malone with plans filed July 26, 2022 and permitted September 26, 2024. On the tax lot, the most recent condominium plan was filed by 125 OWNERS LLC to create 8 residential units in a building at 125 Perry Street in West Village, Manhattan, called 125 Perry Street Condominiumthat has a $262.9 million sellout, according to an November 14, 2022 submission to the New York State Attorney General. The principal of the sponsor, 125 OWNERS LLC, was Alf Naman.

The neighborhood

In West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 3.1 times the average sales volume among other neighborhoods with $775.8 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 914,925 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 21 commercial properties representing 156,948 square feet of the 212,251 square feet. The largest owner is William Gottlieb Real Estate, followed by Alf Naman Real Estate and then Willkie Farr & Gallagher Registered.
On the tax block, there were two new building construction projects totaling 56,565 square feet. The largest is a six-unit, 28,691 square-foot residential (R-2) building submitted by Kevin Young with plans filed September 30, 2016 and it has not been permitted yet. The second largest is a one-unit, 27,874 square-foot residential (R-2) building submitted by Kevin Young with plans filed August 26, 2016 and permitted January 9, 2019.

The majority, or 47 percent of the 212,251 square feet of built space are walkup buildings, with industrial buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Alf Naman Real Estate owned at least one commercial property in New York City with 39,628 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $39.6 million in debt, borrowed from First Citizens Bank. The portfolio consists of at least a single industrial property. It is located in Manhattan.

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