Edward Minskoff signs $35M single-family loan with Bank of America for West Village apartment

An affiliate of Edward J. Minskoff Equities through the entity JCM Jane PH LLC as borrower signed an initial loan with lender Bank of America valued at $35 million for the penthouse condo unit at 17 Jane Street in West Village, Manhattan. Minskoff was the developer of 17 Jane Street.
The deal closed on May 2, 2022 and was recorded on May 11, 2022. The duplex unit has 9,126 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $3,835 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 Edward J. Minskoff Equities was Edward J. Minskoff. The LLC is registered at Minskoff’s office and he is the signatory. In addition, there was a no consideration deed transfer from Minskoff’s development entity to the new owner entity, which was formed in 2019. The condo is a duplex with 9,126 square feet.

The block

There is one active new building construction project totaling 30,597 square feet. It is a nine-unit, 30,597-square-foot R-2 building developed by Joseph Meng with plans filed February 12, 2016 and it has not been permitted yet.

The majority, or 63 percent of the 349,123 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space.

Surrounding

Within a 400-foot radius of 17 Jane Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, five were sales above $5 million totaling $55.3 million. The most recent of the five was Mountain Crown LLC which bought the 5,183-square-foot, one-unit townhouse (A4) on 247 West 13thstreet for $12 million from James C. Hays 2008 Irrevocable Trust on April 4, 2022.
Of those nine items, three were loans above $5 million totaling $28.7 million. The most recent of the three was Allied Realty & Development which borrowed $11 million from Peapack-Gladstone Bank secured by the 10,552-square-foot, 24-unit rental (D7) on 34 8th Avenue on February 17, 2022.

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