Churchill Real Estate takes control of bankrupt office building in Tribeca, valued in 2020 at $19M

Churchill Real Estate Holdings through the entity Churchill 381 Broadway LLC acquired title of the office building (O5) at 381 Broadway in Tribeca, Manhattan. Churchill had been the lender on the property, and the former owner had filed for bankruptcy protection, which PincusCo reported in November 2020.
The deal closed on August 30, 2021 and was recorded on October 20, 2021. At the same time, Churchill obtained a loan of $16.7 million. The transfer value was $6.5 million but there were debt totaling more than $23 million declared in the bankruptcy and the property was valued at $19 million at the time.
The property has 18,300 square feet of built space and 4,793 square feet of additional air rights for a total buildable of 23,086 square feet according to PincusCo analysis of city data.
The signatory for TSE Group was Gregory M. Messer. The signatory for Churchill Real Estate Holdings was Sorabh Maheshwari.
Over the past five years, there have been 5 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 $12,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $201,000. One of the projects were to change the building from a COM to a B and were permitted on August 7, 2019.
Within a 400-foot radius of 381 Broadway, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $4.2 million. The most recent of these two items was the permit on March 18, 2021 for a 117,020-square-foot R-2 building with 163 residential units at 378 Broadway.
One of those nine items was a sale which Back To The Hustle And Bustle, LLC bought one condo unit in the 7,105-square-foot, six-unit condo building (R1) on 43 Walker Street for $12.8 million from NYC Walker LLC on September 3, 2021.
Of those nine items, six were loans above $5 million totaling $96.6 million. The most recent of the six was Eugene S. Krauss which borrowed $17.0 million from Emerald Creek Capital secured by five condo units in the 0-square-foot, 15-unit mixed-use building (RM) on 67 Franklin Street on July 22, 2020.

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