Cape Advisors signs $43.5M refi loan with Morgan Stanley for office building in Little Italy

Cape Advisors through the entity 5 Crosby LLC as borrower signed a refi loan with lender Morgan Stanley valued at $43.5 million for the office building (O5) at 5 Crosby Street in Little Italy, Manhattan.
The deal closed on November 24, 2021 and was recorded on December 16, 2021.
The property has 53,200 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $817 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 Cape Advisors was Marion Eng. The signatory for Morgan Stanley was Cynthia Eckes.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $468,150. One of the projects were to change the building from a COM to a B and were permitted on December 9, 2019.
Cape Advisors, a real estate development and investment firm, is located at the same address as the owner LLC.

Within a 400-foot radius of 5 Crosby Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, four were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $4.5 million and one initial temporary certificate of occupancy issuance for a project that initially costed $300,000. The most recent of these four items was the permit on December 18, 2020 for a 6,502-square-foot B building with one residential units at 274 Canal Street.
Of those 13 items, four were sales above $5 million totaling $138.7 million. The most recent of the four was Jeffrey K. Rah which bought the 10,999-square-foot, five-unit office building (O5) on 28 Howard Street for $21.8 million from Gilbert Spitzer on October 8, 2021.
Of those 13 items, five were loans above $5 million totaling $166.3 million. The most recent of the five was Javeri Capital which borrowed $9.6 million from Maxim Credit Group secured by the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property on July 9, 2021.

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