David Werner, BLDG get $95M acquisition loan from Northwind Group for office purchase in FiDi

David Werner Real Estate Investments and BLDG Management through the entity 100 Wall Realty LLC as borrower signed an acquisition loan with lender Northwind Group through the entity NW 100 Wall Lender LLC valued at $95 million for the office building (O4) at 100 Wall Street in the Financial District, Manhattan.
The deal closed on July 24, 2024 and was recorded on July 29, 2024. The property has 463,664 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $204 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 July 13, 2015, for $270 million. The signatory for David Werner Real Estate Investments and BLDG Management was Lloyd Goldman. Northwind Group has recorded five loans in New York City totaling $465 million before this one, over the past 24 months, including $313 million for Fortress at 22 Thames Street, and $85.3 million for the hotel at 225 Bowery.

The property

The office building in Financial District has 463,664 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 117 feet and is 194 feet deep with a total lot size of 22,398 square feet. The lot is irregular. The zoning is C6-9 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $92.7 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 $1,635 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 19, 2021. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that BLDG Management owned at least 169 commercial properties with 3,885 residential units in New York City with 5,536,010 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 5,536,010 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.
The PincusCo database currently indicates that David Werner Real Estate Investments owned at least three commercial properties with 133 residential units in New York City with 1,100,762 square feet and a city-determined market value of $401 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,100,762 square feet of built space are office properties, with elevator properties next occupying 12 percent of the space. They are all located in Manhattan.

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