Deepak Raj signs $13M refi with Natixis for mixed-use in Manhattan

Deepak Raj through the entity 223 East 80th Street LLC as borrower signed a refi loan with lender Natixis through the entity Natixis Real Estate Capital LLC valued at $13 million for two mixed-use properties with nine residential units including the five-unit mixed-use building (S5) at 223 East 80th Street in Yorkville, Manhattan and four-unit mixed-use building (S4) at 7 East 19th Street in Flatiron District, Manhattan.
The deal closed on May 9, 2025 and was recorded on May 20, 2025. The prior lender was OceanFirst Bank which held debt that had an original loan amount of $16.5 million. The two properties have 23,729 square feet of built space and 322 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $547 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 Deepak Raj was Deepak Raj. The signatory for Natixis was Melissa Naturman .

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 7 East 19th Street.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Neera Raj, head officer. The business entity is Seveneast 19 Llc.

The property

The mixed-use building with 4 residential units in Flatiron District has 23,729 square feet of built space and 322 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,300 square feet. The zoning is M1-5M which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $6.5 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 received one DOB violation and $1,000 in OATH penalties 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $615.3 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Flatiron District has 2.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 7 East 19th Street, PincusCo has identified the owners of seven of the 19 commercial properties representing 329,571 square feet of the 587,057 square feet. The largest owner is Feil Organization, followed by Justin Management and then Prime Properties.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 587,057 square feet of built space are office buildings, with retail buildings next occupying 9 percent of the space.

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