BLDG Management signs $21M refi for two properties in SoHo

BLDG Management through the entity Broome Jv LLC as borrower signed a refi loan with lender Dime Community Bank valued at $21 million for two properties including the eight-unit residential elevator building (D2) at 450 Broome Street in SoHo, Manhattan and four-unit property (D2) at 448 Broome Street in SoHo, Manhattan.
The deal closed on July 12, 2022 and was recorded on July 20, 2022. The prior lender was East West Bank which held debt that had an original loan amount of $22 million.The two properties have 28,875 square feet of built space and 1,075 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $727 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 BLDG Management was Lloyd Goldman. The signatory for Dime Community Bank was Louis Ciniglio.

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 450 Broome Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Maria Platis, head officer and Hernan Teran, officer. The business entity is Broome Jv Llc. Out of the two properties, one with a total of 28,875 square feet of built space generated revenue of $919,086 per year.

The property

The 450 Broome Street parcel has frontage of 50 feet and is 50 feet deep with a total lot size of 2,540 square feet. The zoning is M1-5B which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $15.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 450 Broome Street, PincusCo has identified the owners of seven of the 11 commercial properties representing 344,224 square feet of the 426,987 square feet. The largest owner is Inditex, followed by Black Bear Asset Management and then WB Property Group. There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 242,259 square feet of built space are office buildings, with mixed-use buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that BLDG Management owned at least 174 commercial properties in New York City with 5,953,626 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 5,953,626 square feet of built space are elevator properties, with office properties next occupying 13 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.

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