Anbau affiliate buys $10M note secured by its own 23-unit dev site in Flatiron District

An affiliate of Anbau, Inc. through the entity Flatiron West 17 Investors LLC bought a note with an original principal of $10 million from Union Labor Life Insurance Company secured by Anbau’s development parcel (V1) at 8 West 17th Street in the Flatiron District, Manhattan.

On the lot, there is one active new building construction project, M00951254, for a 23-unit, 41,220 square-foot R-2 building. The project was submitted by Anbau, Inc. and filed by James Treacy with plans filed November 9, 2023 and it has not been permitted yet.

Zoning Diagram LINK
The deal closed on January 6, 2025 and was recorded on June 30, 2025. The prior lender was Union Labor Life Insurance Company which held debt that had an original loan amount of $10 million.
Anbau bought the property on December 16, 2022, for $15.5 million. The signatory for Anbau, Inc. was Alexander H. Glascock .

The property

The parcel has frontage of 45 feet and is 92 feet deep with a total lot size of 4,140 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan totaled $10 million and was provided by Union Labor Life Insurance Company on December 16, 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 $1,300 in ECB penalties and $1,900 in OATH penalties in the last year.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $613.1 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Flatiron District has 2.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 467,824 square feet of the 976,921 square feet. The largest owner is Thomas Vogel, followed by Pan Am Equities and then Winter Equities.
On the tax block, there was one new building construction project filed totaling 41,220 square feet. It is a 23-unit, 41,220 square-foot residential (R-2) building submitted by Anbau, Inc. and filed by James Treacy with plans filed November 9, 2023 and it has not been permitted yet.

The majority, or 70 percent of the 976,921 square feet of built space are office buildings, with elevator buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Anbau, Inc. owned at least five commercial properties with 80 residential units in New York City with 161,170 square feet and a city-determined market value of $35.4 million. (Market value is typically about 50% of actual value.) The portfolio has $154 million in debt, with top three lenders as First Republic Bank, Bank OZK, and Union Labor Life Insurance Company respectively. Within the portfolio, the bulk, or 73 percent of the 161,170 square feet of built space are elevator properties, with development properties next occupying 22 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link