Comjem signs $10.2M refi with Peapack for two retail condos in SoHo

Comjem Associates through the entity Kenmare Retail Associates LLC as borrower signed a refi loan with lender Peapack Private Bank & Trust valued at $10.2 million for two retail condominium units at the base of a residential and retail condo building at 210 Lafayette Street in SoHo, Manhattan.
The deal closed on September 8, 2026 and was recorded on September 17, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $12 million. The two properties have 11,943 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $854 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 Comjem Associates was Jack Cohen .

Peapack Private Bank & Trust has provided $646.7 million through 142 loans over the past two years, including $326.8 million in 39 refi loans, $251.3 million in 93 other loans, $57.5 million in eight acquisition loans, and $11 million in two initial loans. The bulk, or 45 percent of the dollar volume, was in Manhattan, with Brooklyn next with 32 percent.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 210 Lafayette Street.

The property

The retail condo in SoHo has 11,943 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 10,291 square feet. The city-designated market value for the property in 2022 is $5.2 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has the 8th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On the tax block of 210 Lafayette Street, PincusCo has identified the owners of nine of the 13 commercial properties representing 203,706 square feet of the 234,741 square feet. The largest owner is Heller Properties , followed by P. Zaccaro and then Vertex Properties.
On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445 square-foot residential (J-2) building submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The majority, or 58 percent of the 234,741 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Comjem Associates owned at least 12 commercial properties with 38 residential units in New York City with 250,766 square feet and a PincusCo-determined asset value of $133.1 million. The portfolio has $90.1 million in debt, with top three lenders as Signature Bank, Symetra Life Insurance Company , and Customers Bank respectively. Within the portfolio, the bulk, or 36 percent of the 250,766 square feet of built space are office properties, with mixed-use properties next occupying 24 percent of the space. The bulk, or 48 percent of the built space, is in Manhattan, with Queens next at 32 percent of the space.

Direct link to Acris document. link