EcoRise Development signs $19.2M refi for 18-unit rental in Greenwich Village

EcoRise Development through the entity Dominic Schindler Bleecker RE LLC as borrower signed a refi loan with lender Santander Bank valued at $19.2 million for the 18-unit residential elevator building (D7) at 159-161 Bleecker Street in Greenwich Village, Manhattan.
The deal closed on January 31, 2023 and was recorded on February 7, 2023. The prior lender was Santander Bank which held debt that had an original loan amount of $19.5 million.The property has 28,380 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $678 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 February 14, 2020, for $35.7 million. The signatory for EcoRise Development was Cynthia Schlegel and Francois Barthelemy. The signatory for Santander Bank was Steven J. Robinson.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Cynthia Schlegel, head officer and Michael Schlegel, officer. The business entities are Common Living, Inc. and Mcp Bleecker, Llc. The 28,380-square-foot property generated revenue of $2.2 million or $76 per square foot, according to the most recent income and expense figures.

The property

The 159-161 Bleecker Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $10.8 million.The most recent loan totaled $19.5 million and was provided by Santander Bank on February 14, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received three DOB violations, $2,400 in ECB penalties, and $3,850 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 6, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 96,802 square feet of the 246,909 square feet. The largest owner is CRM Management, followed by Winther Investment and then Ran Marom.
there are no active new building construction projects on this tax block.

the majority, or 54 percent of the 243,037 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Ecorise Development owned at least one commercial property in New York City with 28,380 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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