C.A. White signs $57.5M loan modification for office in Flatiron District

New Haven-based C.A. White through the entity 17-18 Management Company L.L.C. as borrower signed a loan modification with lender M&T Bank through the entity Manufactures And Traders Trust Company valued at $57.5 million for the office building (O6) at 18 West 18th Street in Flatiron District, Manhattan.
The deal closed on May 19, 2023 and was recorded on November 16, 2023. The prior lender was M&T Bank which held debt that had an original loan amount of $57.5 million. The property has 173,152 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $332 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 C.A. White was Anthony Schaffer. The signatory for M&T Bank was Andrea Wagonseller.

The property

The office building in Flatiron District has 173,152 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 184 feet deep with a total lot size of 13,799 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $32.7 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 $4,465 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has the 10th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Flatiron District has 2.3 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 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 this tax block, PincusCo has identified the owners of 13 of the 23 commercial properties representing 703,328 square feet of the 1,197,867 square feet. The largest owner is Solil Management, followed by Norman Kurlan and then Moinian Group.
On the tax block, there were five new building construction projects totaling 170,492 square feet. The largest is a 53-unit, 90,478 square-foot residential (R-2) building submitted by Toll Brothers and filed by Clark Joseph with plans filed April 18, 2014 and permitted January 21, 2015. The second largest is a 13-unit, 23,384 square-foot residential (R-2) building submitted by Gary Vinbaytel with plans filed February 14, 2020 and permitted March 15, 2022.

The majority, or 81 percent of the 1.2 million square feet of built space are office buildings, with elevator buildings next occupying 13 percent of the space.

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