ASG Equities signs $33M refi with Bank of America for four FiDi properties
The Gindi family’s ASG Equities through the entity 10-12 Cortlandt Blue LLC as borrower signed a refi loan with lender Bank of America valued at $33 million for four properties including the retail building (K4) at 10-12 Cortlandt Street in Financial District, Manhattan, mixed-use building (K2) at 177 Broadway in Financial District, Manhattan, and mixed-use building (K2) at 175 Broadway in Financial District, Manhattan.
The deal closed on August 9, 2024 and was recorded on August 19, 2024. The prior lender was Wells Fargo which held debt that had an original loan amount of $33 million.
The four properties have 51,709 square feet of built space and 79,715 square feet of additional air rights for a total buildable of 131,430 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $638 and the price per buildable square foot is $251 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 ASG Equities was Raymond Gindi. The signatory for Bank of America was Jesse Solomon.
The property
The retail building in Financial District has 51,709 square feet of built space and 79,715 square feet of additional air rights for a total buildable of 131,430 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 99 feet deep with a total lot size of 2,132 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8 million. The most recent loan totaled $33 million and was provided by Wells Fargo on June 1, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $300 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 11.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.
The block
On the tax block of 173 Broadway, PincusCo has identified the owners of six of the nine commercial properties representing 748,693 square feet of the 786,707 square feet. The identified owner is ASG Equities.
On the tax block, there was one new building construction project filed totaling 200,035 square feet. It is a 209-unit, 200,035 square-foot residential (R-2) building submitted by SL Green Realty and filed by Roger Merriman with plans filed July 27, 2018 and permitted February 19, 2020.
The majority, or 82 percent of the 786,707 square feet of built space are office buildings, with retail buildings next occupying 10 percent of the space.
The borrower
The PincusCo database currently indicates that ASG Equities owned at least 27 commercial properties with five residential units in New York City with 1,065,141 square feet and a city-determined market value of $248.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 1,065,141 square feet of built space are office properties, with retail properties next occupying 18 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 28 percent of the space.
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