Benjamin Partners signs $24M refi with M&T for retail, residential in SoHo

Benjamin Partners through the entity 577 Associates LLC as borrower signed a refi loan with lender M&T Bank valued at $24 million for the seven-unit residential elevator building (D7) with retail at 577 Broadway, that has an alternate address of 148 Mercer Street, in SoHo, Manhattan. The building is 24 feet wide and 200 feet deep.
The deal closed on July 16, 2025 and was recorded on July 30, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $19 million.The property has 21,852 square feet of built space and 2,646 square feet of additional air rights for a total buildable of 24,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,098 and the price per buildable square foot is $979 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 owner bought the property on June 22, 2004, for $9.8 million. The signatory for Benjamin Partners was Blair Axel . The signatory for M&T Bank was Joseph Berte .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Christopher Kanga, head officer and Michael Salzhauer, officer. The business entity is 577 Associates LLC.

The property

The residential elevator building with 7 residential units in SoHo has 21,852 square feet of built space and 2,646 square feet of additional air rights for a total buildable of 24,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 200 feet deep with a total lot size of 4,900 square feet. The lot is irregular. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $19.3 million.

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 received $550 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 191,552 square feet of the 346,224 square feet. The largest owner is Pater M. Brant, followed by Rafael Ortiz and then Aryeh Realty.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 346,224 square feet of built space are retail buildings, with office buildings next occupying 25 percent of the space.

Direct link to Acris document. link