CBSK signs $45.6M refi loan with JPMorgan for office building in West Village
CB Developers and SK Development through the entity 40 Gans Lessee LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $45.6 million for the office building at 40 Gansevoort Street also known as 831 Greenwich Street in West Village, Manhattan. This is a ground lease loan. The fee is owned by Gerald Sussman.
The deal closed on November 17, 2021 and was recorded on February 2, 2022. The prior lender was Aareal Capital which held debt that had an original loan amount of $60.1 million.
The property has 47,800 square feet of built space and 192 square feet of additional air rights for a total buildable of 48,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $953 and the price per buildable square foot is $950 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 owner bought the property on April 21, 2006, for $14 million.
The signatory for CB Developers and SK Development was Abram Shnay. The signatory for JPMorgan Chase was Jennifer R. Lewin.
The 47,800-square-foot property generated revenue of $4.5 million or $95 per square foot, according to the most recent income and expense figures.
One of the projects were to change the building from a COM to a E and were permitted on January 26, 2005.
CB Developers is located at the same address as owner LLC.
In West Village, the bulk, or 35 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space.
On the tax block, the majority, or 79 percent of the 303,124 square feet of built space are office buildings, with mixed-use buildings next occupying 9 percent of the space.
Within a 400-foot radius of 831 Greenwich Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, five were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $1.4 million and two initial temporary certificate of occupancy issuances for projects that initially costed $876,300. The most recent of these five items was the filing on July 8, 2021 for a 6,526-square-foot M building with 0 residential units at 69 Gansevoort Street.
Of those 10 items, three were sales above $5 million totaling $53.1 million. The most recent of the three was KREWE which bought the 5,317-square-foot, two-unit office building (O5) on 67 Gansevoort Street for $14.8 million from Anne Fairfax Ellett on January 18, 2022.
Of those 10 items, two were loans above $5 million totaling $62.2 million. The most recent of the two was Aurora Capital Associates which borrowed $55 million from Wells Fargo secured by the 11,713-square-foot, two-unit mixed-use building (K2) on 52 Gansevoort Street and one other property on February 26, 2020.
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