Anbau signs $98M loan with First Republic for 48-unit rental in Flatiron District
39 West 23rd Street (Credit - Google)
Anbau, Inc. through the entity 39 West 23rd Street, LLC as borrower signed a loan with lender First Republic Bank valued at $98 million for the 48-unit residential elevator building (D6) at 39 West 23rd Street in Flatiron District, Manhattan.
The deal closed on July 1, 2022 and was recorded on July 19, 2022. The property has 117,133 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $836 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 June 9, 2011, for $23.5 million. The prior lender was Bank OZK with a loan for $96 million.
The property
The 39 West 23rd Street parcel has frontage of 41 feet and is 197 feet deep with a total lot size of 8,063 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.9 million.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $19 million money judgment concerning a loan filed on None, by None against None. In addition, according to city public data, the property has received $10,312 in ECB penalties and $20,752 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project for a 48-unit, 102,199-square-foot R-2 building. The project was developed by Stephen Glascock with plans filed February 21, 2016 and permitted October 31, 2019.
The block
On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 98,054 square feet of the 1,464,729 square feet. The two identified owners are Castro Properties and Ascot Properties.
There is one active new building construction project totaling 102,199 square feet. It is a 48-unit, 102,199-square-foot R-2 building developed by Stephen Glascock with plans filed February 21, 2016 and permitted October 13, 2017.
the majority, or 80 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 8 percent of the space.
Surrounding
Within a 400-foot radius of 39 West 23rd Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 3, 2022 for the $393,100 renovation of 3,931-square-foot F-4 building with zero residential units at 23 West 24th Street.
Of those six items, three were sales above $5 million totaling $34 million.
Of those six items, two were loans above $5 million totaling $57.1 million. The most recent of the two was Two Trees Management which borrowed $52.1 million from M&T Bank secured by the 284,930-square-foot, 38-unit office building (O6) on 37 West 22nd Street on March 15, 2021.
Direct link to Acris document. link