Elizabeth McDonald signs $6M refi with Interaudi Bank for retail, commercial condos in Tribeca

Elizabeth McDonald through the entity 387 Kings Highway LLC as borrower signed a refi loan with lender Interaudi Bank through the entity Interaudi Bank valued at $6 million for two properties including the retail and commercial condominium units at 408 Greenwich Street in Tribeca, Manhattan. The ground floor retail unit has 3,791 square feet and and the second floor commercial unit has 3,482 square feet.
The deal closed on May 22, 2024 and was recorded on May 24, 2024. The prior lender was Modern Bank which held debt that had an original loan amount of $6.5 million.The two properties have 7,273 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $824 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 Elizabeth McDonald was Elizabeth McDonald. The signatory for Interaudi Bank was Robin D’Elia. Elizabeth McDonald is a major developer of small and mid-sized condos.

The property

The retail condo in Tribeca has 7,273 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,791 square feet. The property has a 421A exemption that started in 2012 and expires in 2022. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled $6.5 million and was provided by Modern Bank on April 1, 2020.

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 not received any significant violations 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.9 times the average sales volume among other neighborhoods with $521.9 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Tribeca has 3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

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

The borrower

The PincusCo database currently indicates that Elizabeth McDonald owned at least three commercial properties with 17 residential units in New York City with 35,667 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 35,667 square feet of built space are elevator properties, with retail properties next occupying 16 percent of the space. They are all located in Brooklyn.

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