Argo Real Estate signs $47M construction loan with Fortress for West Village resi development

Argo Real Estate through the entity 64 Owner LLC as borrower signed a new construction loan with lender Fortress Investment Group through the entity Fortress Credit Corp. valued at $47 million for the office building (O5) at 64 University Place in the West Village, Manhattan.
The deal closed on June 25, 2021 and was recorded on July 6, 2021.
The loan price per buildable square foot is $847 per the PincusCo analysis.
The owner bought the property on 2-Jul-19, for $30 million.
The signatory for Argo Real Estate was Mark Moskowitz. The signatory for Fortress Investment Group was David N. Brooks.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $322,187.

There has been one demolition project filed for the parcels over the past five years.
Ameesh Agarwal, on March 31, filed a permit application for construction of a 28-unit, 55,474-square-foot residential building at 64 University Place in the West Village of Manhattan. Ameesh Agarwal, managing principal at Bsafal Inc., filled the plans. Bsafal, a subsidiary of Safal Constructions India Private Limited, partnered with Mark Moskowitz’s Argo Real Estate for the project.
Within a 400-foot radius of 64 University Place, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was a permit applications filed on August 18, 2020 for the $750,000 renovation of a 7,479-square-foot R-3 building with one residential units at 29 East 11th Street.
Of those 10 items, six were sales above $5 million totaling $170.3 million. The most recent of the six was 9e9 LLC which bought the 4,081-square-foot, five-unit rental (C2) on 9 East 9th Street for $9.6 million from Audrey Simon on June 1, 2021.
Of those 10 items, three were loans above $5 million totaling $112.5 million. The most recent of the three was Marilyn Simons|Simons Foundation which borrowed $64.2 million from Bank Of America, N.A. secured by five condo units in the 436-square-foot, 115-unit condo (R4) on 13 East 11th Street and 73 other properties on July 8, 2020.

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