Dino Tomassetti Jr. signs $26M refi for fee under NoMad office

Dino Tomassetti Jr. and Irene Tomassetti through the entity Croisic Fee Owner II, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $26 million for the fee under the office building (O3) at 220 Fifth Avenue in NoMad, Manhattan. The building is controlled by Stellar Management through a long-term ground lease.
The deal closed on August 30, 2023 and was recorded on September 11, 2023. The prior lender was Progress Direct which held debt that had an original loan amount of $35 million.The property has 150,888 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $172 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 Dino Tomassetti Jr. and Irene Tomassetti was Dino Tomassetti Jr. and Irene Tomassetti. The signatory for JPMorgan Chase was Liam Dougherty. This is for the fee position at a ground leased property.

Prior sales and revenue

The 150,888-square-foot property generated revenue of $10 million or $66 per square foot, according to the most recent income and expense figures.

The property

The office building with 1 residential units in NoMad has 150,888 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 127 feet deep with a total lot size of 7,111 square feet. The lot is irregular. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $38 million. The most recent loan totaled $80 million and was provided by New York Community Bank on October 17, 2022.

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 two DOB violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 27, 2014. 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 NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.3 times the average sales volume among other neighborhoods with $472.1 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 26th highest in Manhattan. It had 882,473 square feet of commercial and multi-family construction under development in the last two years, which represents 7 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

On this tax block, PincusCo has identified the owners of 14 of the 33 commercial properties representing 1,197,698 square feet of the 1,924,865 square feet. The largest owner is Wisdom Global Realty New York Llc, followed by Stellar Management and then Singh Equities.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.

Direct link to Acris document. link