The lender RSS WFCM 2015-LC20-NY 377 LLC in care of Rialto Capital Advisors, acquired control through a foreclosure action of four retail condominium units at 377 Broadway in Tribeca, Manhattan. The value of the transfer in city records, which typically represents the defaulted debt, was $11.9 million. The former owners who lost the property were Ilan Bracha and Haim Binstock through their company B+B Capital.
The deal closed on July 20, 2023 and was recorded on July 25, 2023. The four properties have 13,028 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $917 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 the court representing B+B Capital was the attorney Elaine Shay. This is a foreclosure sale with the lender taking back the four commercial condos. The former owner is Ilan Bracha and Haim Binstock’s B+B Capital 377 Broadway NYC LLC.
Ilan Bracha and Haim Binstock’s B+B Capital acquired the four condo units in June 2014 for $10 million. They leased the space to an affiliate of Keller Williams, which the two owned at the time. Bracha and Binstock through the entity 377 Broadway NYC LLC borrowed $11.75 million in 2015 from Ladder Capital, and the debt was ultimately rolled into a commercial mortgage backed security, 2015-LC20. The special servicer for the loan Rialto Capital Advisors, through the entity RSS WFCM 2015-LC20-NY 377, LLC, filed to foreclose on the loan on December 23, 2020. The court case is 850210/2020, and was filed in New York State Supreme Court..
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer RSS WFCM 2015-LC20-NY 377 LLC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ilan Bracha foreclosed had not purchased any other properties and had not sold any properties over the same time period.
The office condo in Chinatown has 13,028 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,150 square feet. The city-designated market value for the property in 2022 is $845,274.
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 not received any significant violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On the tax block of 377 Broadway, PincusCo has identified the owners of three of the 14 commercial properties representing 53,299 square feet of the 262,673 square feet. The two identified owners are Benchmark Real Estate Group and Azure Investment Capital.
There are no active new building construction projects on this tax block.
The majority, or 45 percent of the 262,673 square feet of built space are elevator buildings, with mixed-use buildings next occupying 34 percent of the space.
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