Bromley Companies signs $136M rehab loan with PCCP in Flatiron, part of $170M financing

The Bromley Companies through the entity 122 Fifth Associates LLC as borrower signed a rehab construction loan with lender PCCP through the entity Cred Reit Holdco Trs LLC valued at $136 million for two properties including the office building (O6) at 122 Fifth Avenue in Flartiron, Manhattan and industrial (G6) at 7 West 17th Street in Flatiron, Manhattan.
The deal closed on November 19, 2021 and was recorded on December 9, 2021.
The two properties have 181,154 square feet of built space and 35,323 square feet of additional air rights for a total buildable of 216,460 square feet according to PincusCo analysis of city data. The loan price per built square foot is $750 and the price per buildable square foot is $628 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 Bromley Companies was Nicholas Haines.

The rehab construction financing totals $170 million, according to a release from Walker & Dunlop, which brokered the loan. Nicholas Haines is the CEO of Bromley Companies.  The brokers were Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz.

Within a 400-foot radius of 7 West 17th Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on February 14, 2020 for a 23,384-square-foot R-2 building with 13 residential units at 21 West 17th Street.
Of those 12 items, four were sales above $5 million totaling $170 million.
Of those 12 items, six were loans above $5 million totaling $98.4 million. The most recent of the six was Norman Kurlan which borrowed $12 million from City Real Estate Funding secured by the 48,532-square-foot, 12-unit office building (O6) on 33 West 17th Street on May 13, 2021.

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