Aurora Capital borrows $55M from Wells Fargo for commercial renovation in Meatpacking

Bobby Cayre’s Aurora Capital Associates through the entity 46-50 Gansevoort Street LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $55.0 million for 2 parcels, including the tax class retail building with apartments above (K4) at 52 Gansevoort Street, 842 Greenwich Street in West Village. The deal closed on January 31, 2020 and was recorded on February 26, 2020.
The property has 72,753 square feet of available development rights.

The $55 million Signature Bank provided to Aurora was assigned to Wells Fargo, with no additional debt added. Aurora and William E. Gottlieb Real Estate are the developers.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 16, 2019.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,907,400. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,156,481.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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