Bruce Camacho signs $7M refi for 24-unit rental in West Village

Bruce Camacho through the entity 247 West Realty Corp. as borrower signed a refi loan with lender Maspeth Federal Savings and Loan Association valued at $7 million for the 24-unit residential elevator building (D8) at 520 Hudson Street in West Village, Manhattan.
The deal closed on April 2, 2024 and was recorded on April 26, 2024. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $7 million.
The property has 23,778 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $294 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 Bruce Camacho was Bruce Joseph Camacho. The signatory for Maspeth Federal Savings and Loan Association was Arlene Carcione.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Bruce Camacho, head officer and Cindy Camacho, officer. The business entity is 247 West Realty Corp.

The property

The residential elevator building with 24 residential units in West Village has 23,778 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 69 feet and is 99 feet deep with a total lot size of 5,024 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $7.9 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 one DOB violation, five housing violations, and $50 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 17 of the 26 commercial properties representing 213,832 square feet of the 270,791 square feet. The largest owner is William Gottlieb Real Estate, followed by Scharfman Organization and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 270,791 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Bruce Camacho owned at least one commercial property with 24 residential units in New York City with 23,778 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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