Bijan Nassi signs $12.8M refi in Greenwich Village, prior lender filed pre-foreclosure

Bijan Nassi through the entity 60-62 E. Eleventh Street Corp. as borrower signed a loan with lender Avant Capital through the entity Avant Capital SBL 2 LLC valued at $12.8 million for three office properties with one residential unit including the office building (O6) at 97 University Place in Greenwich Village, Manhattan, office building (O6) at 60 East 11th Street in Greenwich Village, Manhattan, and office building (O8) at 58 East 11th Street in Greenwich Village, Manhattan.
The deal closed on March 30, 2023 and was recorded on April 11, 2023. The three properties have 82,320 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $156 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 prior debt included $10.5 million held by lender ASLD Realty, which was assigned to Avant. The signatory for Avant was Adam Luysterborghs.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 97 University Place.

Prior sales and revenue

The three properties with a total of 82,320 square feet of built space generated revenue of $5.1 million per year or $62 per square foot.

The property

The parcel has frontage of 49 feet and is 82 feet deep with a total lot size of 4,024 square feet. The lot is irregular. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $13.4 million. The most recent loan totaled 0.0 and was provided by BD Notes LLC on October 6, 2022.
The parcel has frontage of 42 feet and is 94 feet deep with a total lot size of 4,019 square feet. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $6.8 million.
The parcel has frontage of 21 feet and is 94 feet deep with a total lot size of 2,005 square feet. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $3.7 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $10.5 million commercial foreclosure concerning a loan filed on November 29, 2022, by ASLD Realty’s BD Notes LLC against Bijan Nassi. In addition, according to city public data, the properties have received $7,400 in ECB penalties and $9,000 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 neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.5 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 97 University Place, PincusCo has identified the owners of five of the 10 commercial properties representing 196,872 square feet of the 524,839 square feet. The largest owner is Bijan Nassi, followed by Minoo Shaoul and then New York Police Department.
On the tax block, there was one new building construction project filed totaling 30,000 square feet. It is a 40-unit, 30,000 square-foot residential (R-2) building submitted by Magnum Real Estate Group and filed by Alexander Laszlo with plans filed December 28, 2020 and it has not been permitted yet.

The majority, or 83 percent of the 524,839 square feet of built space are office buildings, with elevator buildings next occupying 9 percent of the space.

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