CB Developers signs $30.2M refi for four properties in West Village

CB Developers through the entity 1314 Development LLC as borrower signed a refi loan with lender Citi Real Estate Funding through the entity Citi Real Estate Funding, Inc valued at $30.2 million for four properties including the 32-unit rental (D5) at 58 West 14th Street in West Village, Manhattan, 26-unit rental (D9) at 18 East 14th Street in West Village, Manhattan, and five-unit rental (C5) at 20 East 14th Street in West Village, Manhattan.
The deal closed on June 4, 2021 and was recorded on June 21, 2021.
The four properties have 73,895 square feet of built space and 0 square feet of additional air rights for a total buildable of 61,563 square feet according to PincusCo analysis of city data. The loan price per built square foot is $408 per the PincusCo analysis.
The signatory for CB Developers was Charles Blaichman.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $381,858.
Charles Blaichman is the owner of CB Developers.
The owners according to the Department of Housing Preservation and Development includes Charles Blaichman, head officer and Philip Katz, shareholder. The business entities are Cbj Management Llc and 1314 Development Llc.
Within a 400-foot radius of 58 West 14th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on October 30, 2019 for a 10,735-square-foot R-1 building with 30 residential units residential units at 20 West 15th Street.
One of those two items was a loan which CB Developers borrowed $14.0 million from Sterling National Bank secured by the 60,930-square-foot, 67-unit dormitory (H8) on 48 West 14th Street on April 8, 2020.

Direct link to Acris document. link