Aurora Capital signs $29.1M construction loan with Bank OZK for 26-unit project in West Village

Aurora Capital Associates through the entity 540 Hudson Street Partners LLC as borrower signed a new construction loan with lender Bank OZK through the entity Bank Ozk valued at $29.1 million for the 26-unit project at 540 Hudson Street in the West Village, Manhattan.
The deal closed on December 16, 2021 and was recorded on February 14, 2022.
The property has 5,923 square feet of built space and 21,654 square feet of additional air rights for a total buildable of 27,588 square feet according to PincusCo analysis of city data. The loan price per built square foot is $4,913 and the price per buildable square foot is $1,054 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 Aurora Capital Associates was Robert Cayre.
The 5,923-square-foot property generated revenue of $385,410 or $65 per square foot, according to the most recent income and expense figures.

(140930679) Plans for a 26-unit, 34,564 square-foot R-2 were filed on July 27, 2020.
In West Village, the bulk, or 35 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space.
On the tax block, the majority, or 41 percent of the 348,204 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 27 percent of the space.
Within a 400-foot radius of 538 Hudson Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on May 28, 2021 for the $485,000 renovation of 2,787-square-foot R-3 building with one residential units at 557 Hudson Street.
Of those seven items, three were sales above $5 million totaling $20.2 million. The most recent of the three was Janet Ramos which bought the 4,965-square-foot, eight-unit rental (C7) on 526 Hudson Street for $8.2 million from Daniel Mason Bendewald on January 3, 2022.
Of those seven items, three were loans above $5 million totaling $27.5 million. The most recent of the three was Susanna Neumann which borrowed $5 million from New York Community Bank secured by the 6,300-square-foot, four-unit mixed-use building (S3) on 547 Hudson Street and one other property on April 13, 2021.

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