Alicia Harper signs $8M refi loan with Lancewood Capital for 11-unit walkup in West Village

Alicia Harper through the entity 271 West 11h Street LLC as borrower signed a refi loan with lender Lancewood Capital valued at $8 million for the midblock 11-unit residential walkup building at 271 West 11th Street in West Village, Manhattan.
The deal closed on April 22, 2022 and was recorded on June 2, 2022. The prior lender was TD Bank which held debt that had an original loan amount of $7 million. The property has 6,740 square feet of built space and 112 square feet of additional air rights for a total buildable of 6,855 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,186 and the price per buildable square foot is $1,167 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 Alicia Harper was Alicia Harper. The signatory for Lancewood Capital was Tino Martins.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Alicia Harper, head officer and Harold Harper, site manager. The business entities are 271 West 11th St Llc and 271 West 11th St Llc. The 6,740-square-foot property generated revenue of $585,538 or $87 per square foot, according to the most recent income and expense figures.

The property

The 271 West 11th Street parcel has frontage of 25 feet and is 112 feet deep with a total lot size of 2,821 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7 million commercial foreclosure concerning a loan filed on February 11, 2022, by TD Bank against Alicia Harper. In addition, according to city public data, the property has received one housing violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In West Village, the bulk, or 35 percent of the 15.7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 76,330 square feet of the 129,997 square feet. The largest owner is William Gottlieb Real Estate, followed by Manocherian Brothers and then Dru Desantis. There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 224,178 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 271 West 11th Street, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $849,969 and one permit with a total initial cost of $1 million. The most recent of these two items was the filing on March 28, 2022 for a 3,476-square-foot R-3 building with one residential units at 244 West 11th Street.
Of those 14 items, seven were sales above $5 million totaling $92.2 million. The most recent of the seven was Thomas Nathan Bailey which bought the 4,425-square-foot, six-unit rental (C2) on 73 Perry Street for $9.9 million from Vivien Wolsk on November 5, 2021.
Of those 14 items, five were loans above $5 million totaling $51.3 million. The most recent of the five was Yael Aflalo which borrowed $16.2 million from JPMorgan Chase secured by the 6,650-square-foot, two-unit two-family building (B1) on 263 West 11th Street on April 13, 2022.

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