Aurora, William Gottlieb sign $114M construction loan for 101K sf development in West Village

Aurora Capital Associates and William Gottlieb Real Estate through the entity 134 Jane Street LLC as borrower signed a new construction loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $114 million for the industrial building (G6) at 134 Jane Street in West Village, Manhattan.
There is a 15-unit, 101,383 square-foot residential (R-2) building submitted by Aurora Capital Associates and William Gottlieb Real Estate and filed by Matthew Abreu with plans filed September 2, 2021 and permitted April 19, 2023.
The loan closed on June 30, 2023 and was recorded on July 14, 2023.
The signatory for Aurora Capital Associates and William Gottlieb Real Estate was Robert Cayre.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In West Village, The bulk, or 32 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, West Village has the 10th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, West Village has had very little major development activity relative to other neighborhoods.It had 643,317 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 170,035 square feet of the 197,503 square feet. The largest owner is William Gottlieb Real Estate, followed by Rockrose Development and then Jeffrey A. Levitt As Trustee.
On the tax block, there was one new building construction project filed totaling 101,383 square feet. It is a 15-unit, 101,383 square-foot residential (R-2) building submitted by Aurora Capital Associates William Gottlieb Real Estate and filed by Matthew Abreu with plans filed September 2, 2021 and permitted April 19, 2023.

The majority, or 63 percent of the 197,503 square feet of built space are elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that William Gottlieb Real Estate owned at least 92 commercial properties with 558 residential units in New York City with 941,488 square feet and a city-determined market value of $472.9 million. (Market value is typically about 50% of actual value.) The portfolio has $369.2 million in debt, with top three lenders as Deutsche Pfandbriefbank, Bank OZK, and Sterling National Bank respectively. Within the portfolio, the bulk, or 35 percent of the 941,488 square feet of built space are walkup properties, with mixed-use properties next occupying 22 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Aurora Capital Associates owned at least 17 commercial properties with 126 residential units in New York City with 1,107,650 square feet and a city-determined market value of $318.4 million. (Market value is typically about 50% of actual value.) The portfolio has $381.5 million in debt, with top three lenders as Deutsche Pfandbriefbank, New York Community Bank, and Wells Fargo respectively. Within the portfolio, the bulk, or 29 percent of the 1,107,650 square feet of built space are retail properties, with office properties next occupying 22 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

Direct link to Acris document. link