CBSK Ironstate signs $70M construction loan with Bank of America for office dev in NoHo

CBSK Ironstate through the entity Acef-Cbski 360 Bowery LLC as borrower signed a new construction loan with lender Bank of America valued at $70 million for the office development at 360 Bowery in NoHo, Manhattan. Developers have created a website.
CBSK filed plans (121209227) for a 98,788 square-foot office (B) building on January 7, 2021.
The financing closed on January 27, 2022 and was recorded on February 25, 2022.

The owner acquired control of the property on September 12, 2019, for $59.5 million.
The signatory for CB Developers, SK Development, Ironstate Development, and CBSK Ironstate was Michael Barry. The signatory for Bank of America was Jose Garcia.
The 5,072-square-foot property generated revenue of $544,330 or $107 per square foot, according to the most recent income and expense figures.

This is the first debt taken on by the developers of the 98,000-square-foot office building, who acquired control of the parcel through a 99-year ground lease with landlord Eric Goode. Michael Barry is an owner of Ironstate Development.

In NoHo, the bulk, or 39 percent of the 5 million square feet of built space are office buildings, with residential elevator buildings next occupying 31 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $68.7 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 135,518 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 336,446 square feet of built space are residential elevator buildings, with office buildings next occupying 22 percent of the space.

Within a 400-foot radius of 358 Bowery, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, five were sales above $5 million totaling $1.8 billion. The most recent of the five was North River Investment which bought the 9,170-square-foot, 17-unit rental (C4) on 34 East 4th Street and one other property for $16.5 million from Granite International Management on October 15, 2021.
Of those 11 items, six were loans above $5 million totaling $118.1 million. The most recent of the six was North River Investment which borrowed $11.2 million from Maxim Capital Group secured by the 9,170-square-foot, 17-unit rental (C4) on 34 East 4th Street and one other property on October 15, 2021.

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