Clifford Stein signs $13M construction loan for 9-unit project in Tribeca

Clifford M. Stein through the entity 14 White Street LLC as borrower signed a construction loan with lender Bank of America valued at $13.2 million for 14 White Street in Tribeca, Manhattan.
On these lots, there is an active new building construction project, M00530595, for a new building project for a nine-unit, 19,032 square-foot residential (R-2) building submitted by Frank Lepera with plans filed June 29, 2021 and permitted March 5, 2024.
The deal closed on August 14, 2024 and was recorded on August 28, 2024. The prior lender was Bank of America which held debt that had an original loan amount of $6.8 million.
The property has zero square feet of built space and 23,140 square feet of additional air rights for a total buildable of 23,140 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $864 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 Clifford M. Stein was Clifford M. Stein and Frederic M. Umane. A $6.8 million land loan was already recorded. The new building loan debt is $13.2 million.

The property

The parcel has frontage of 118 feet and is 70 feet deep with a total lot size of 3,844 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan totaled $6.8 million and was provided by Bank of America on May 3, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $17,560 in ECB penalties and $17,560 in OATH penalties in the last year.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.5 times the average sales volume among other neighborhoods with $648 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Tribeca has 2.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On the tax block of 14 White Street, PincusCo has identified the owners of five of the nine commercial properties representing 40,299 square feet of the 198,589 square feet. The largest owner is James G. Nicholas II, followed by Leonard Hecht and then Peter Matera.

The majority, or 67 percent of the 198,589 square feet of built space are hotel buildings, with mixed-use buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Clifford M. Stein owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Bank of America. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with industrial properties next occupying 0 percent of the space.

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