Alfonso Kimche signs $5M loan for office building in NoMad, first debt since 1964

Alfonso Kimche through the entity 18 West 27th Street LLC as borrower signed a initial loan with lender Apple Bank for Savings valued at $5 million for the office building (O6) at 18 West 27th Street in NoMad, Manhattan. This is the first loan Kimche has signed for the property since his entity acquired it in 1964.
The deal closed on May 11, 2023 and was recorded on May 17, 2023. The property has 30,069 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $166 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 Alfonso Kimche was Alfonso Kimche.

Prior sales and revenue

The 30,069-square-foot property generated revenue of $1.4 million or $48 per square foot, according to the most recent income and expense figures.

The property

The office building in NoMad has 30,069 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $6.9 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 $3,125 in ECB penalties and $5,000 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 NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 2.2 times the average sales volume among other neighborhoods with $767.6 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 917,847 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 33 commercial properties representing 1,136,663 square feet of the 1,924,865 square feet. The largest owner is Wisdom Global Realty New York Llc, followed by Stellar Management and then Singh Equities.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.

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