Emmes signs $6.2M refi loan with Genesis LLC for retail in Midtown West

Emmes Asset Management Company through the entity NR 11 West 56th Street LLC as borrower signed a refi loan with lender Genesis LLC, also known as Genesis Holdings Management, through the entity NEG Financing 7 LLC valued at $6.2 million for the retail building (K2) at 11 West 56th Street in Midtown West, Manhattan.
The deal closed on September 30, 2024 and was recorded on October 15, 2024. The prior lender was Blackstone Group which held debt that had an original loan amount of $6 million. The property has 9,447 square feet of built space and 10,378 square feet of additional air rights for a total buildable of 19,816 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $658 and the price per buildable square foot is $314 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 Emmes Asset Management Company was Andrew Davidoff. The signatory for Genesis Capital was Ezra Husney.

The property

The retail building in Midtown West has 9,447 square feet of built space and 10,378 square feet of additional air rights for a total buildable of 19,816 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,477 square feet. The city-designated market value for the property in 2022 is $4.4 million.

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 $440 in OATH penalties in the last year.

Development

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 Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.9 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 27.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 36 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 1,104,059 square feet of the 1,557,159 square feet. The largest owner is Lefrak, followed by Prada and then Apf Properties.
On the tax block, there was one new building construction project filed totaling 383,134 square feet. It is a 80-unit, 383,134 square-foot residential (R-2) building submitted by Solow Realty & Development and filed by Anthony Calicchio with plans filed April 17, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

Correction: A prior version of this post incorrectly identified the lender as Genesis Capital LLC, which is a separate company.

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