Dalan, RWN sign $7.9M loan modification for mixed-use in West Village

Dalan Real Estate and RWN Real Estate Partners through the entity 376 Bleecker Associates LLC as borrower signed a loan modification and extension with lender BankUnited for a 2016 loan with an original principal of $7.9 million secured by the three-unit mixed-use building (S3) at 376 Bleecker Street in West Village, Manhattan.
Acadia Realty Trust in September paid Brookfield Properties $20.25 million for nearby retail including 350 Bleecker Street, 382 Bleecker Street, 92 Perry Street, 367-369 Bleecker Street and 387 Bleecker Street.
The deal closed on September 10, 2024 and was recorded on October 23, 2024. The prior lender was BankUnited which held debt that had an original loan amount of $7.9 million.The property has 4,106 square feet of built space and 1,048 square feet of additional air rights for a total buildable of 5,153 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,924 and the price per buildable square foot is $1,533 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 May 11, 2016, for $15.5 million. The signatory for Dalan Real Estate and RWN Real Estate Partners was Ari M. Shalam and Andrew Wrublin. The signatory for BankUnited was Anthony McCoy. This is an extension including intermediate forbearance agreements of a 2016 loan with an original principal of $7.9 million. The new maturity date is September 10, 2025.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Andrew Wrublin, head officer and Daniel Wrublin, officer. The business entity is 376 Bleecker Associates Llc.

The property

The mixed-use building with 3 residential units in West Village has 4,106 square feet of built space and 1,048 square feet of additional air rights for a total buildable of 5,153 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 70 feet deep with a total lot size of 1,498 square feet. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $2.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

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 West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 3.1 times the average sales volume among other neighborhoods with $785.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 849,466 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 26 commercial properties representing 97,334 square feet of the 204,882 square feet. The largest owner is Joseph Jackson, followed by Dalan Real Estate and then Edward L. Rich.
On the tax block, there were two new building construction projects totaling 69,128 square feet. The largest is a 26-unit, 34,564 square-foot residential (R-2) building submitted by Aurora Capital Associates|William Gottlieb Real Estate and filed by Matthew Abreu with plans filed July 27, 2020 and it has not been permitted yet. The second largest is a 26-unit, 34,564 square-foot residential (R-2) building submitted by Aurora Capital Associates|William Gottlieb Real Estate and filed by Matthew Abreu with plans filed March 15, 2017 and permitted July 29, 2021.

The majority, or 69 percent of the 204,882 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Dalan Real Estate owned at least 43 commercial properties with 1,360 residential units in New York City with 1,350,446 square feet and a city-determined market value of $353.9 million. (Market value is typically about 50% of actual value.) The portfolio has $26.5 million in debt, borrowed from Infinity Capital Partners. Within the portfolio, the bulk, or 69 percent of the 1,350,446 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 51 percent of the built space, is in Manhattan, with Brooklyn next at 49 percent of the space.
The PincusCo database currently indicates that RWN Real Estate Partners owned at least two commercial properties with 18 residential units in New York City with 23,803 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 23,803 square feet of built space are office properties, with walkup properties next occupying 39 percent of the space. They are all located in Manhattan.

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