Aurora Capital, William Gottlieb sign $37M construction loan with Bank OZK for 16-unit project in West Village

Aurora Capital Associates and William Gottlieb Real Estate through the entity 144 Barrow Street LLC as borrower signed a new construction loan with lender Bank OZK valued at $37 million for two properties including the building at 384 West Street in West Village, Manhattan and development site at 144 Barrow Street in West Village, Manhattan.
The deal closed on December 16, 2021 and was recorded on January 20, 2022.
The two properties have 24,027 square feet of built space and 25,940 square feet of additional air rights for a total buildable of 39,380 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,539 and the price per buildable square foot is $939 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 and William Gottlieb Real Estate was Roberty Cayre.
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 $500,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1.4 million. One of the projects were to change the building from a J-1 to a R-2 and change the number of residential units from 88 to 10.
Aurora was permitted for construction of a 16-unit residential and retail building at 144 Barrow.
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 86 percent of the 642,737 square feet of built space are residential elevator buildings, with walkup buildings next occupying 7 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Neil Bender, head officer and Julio Hernandez, officer. The business entity is 144-150 Barrow Street, Llc.

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