EPIC LLC signs $53M refi with TD Bank for retail in Meatpacking District

Steven B. Elghanayan’s EPIC LLC through the entity Epic W12 LLC as borrower signed a refi loan with lender TD Bank valued at $53 million for the retail building (O5) at 410 West 13th Street in Meatpacking District, Manhattan.
The deal closed on September 27, 2024 and was recorded on October 3, 2024. The prior lender was TD Bank which held debt that had an original loan amount of $55 million.The property has 66,893 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $792 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 June 7, 2011, for $69 million. The signatory for EPIC LLC was Steven B. Elghanayan. The signatory for TD Bank was Sean R. Jones. This is a loan modification of a $55M loan originated in 2016.

Prior sales and revenue

The 66,893-square-foot property generated revenue of $9.1 million or $136 per square foot, according to the most recent income and expense figures.

The property

The retail building in Meatpacking District has 66,893 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 103 feet deep with a total lot size of 13,159 square feet. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Gansevoort Market Historic District. The city-designated market value for the property in 2022 is $38.1 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 $15,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 5, 2012. 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 Meatpacking District, The bulk, or 26 percent of the 2 million square feet of commercial built space are office buildings, with retail buildings next occupying 26 percent of the space. In sales, Meatpacking District has had very little sales volume relative to other neighborhoods with $80.2 million in sales volume in the last two years. For development, Meatpacking District has had very little major development activity relative to other neighborhoods.It had 79,888 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 94,590 square feet of the 547,551 square feet. The two identified owners are William Gottlieb Real Estate and Aurora Capital Associates.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 547,551 square feet of built space are retail buildings, with hotel buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Epic Llc owned at least two commercial properties with seven residential units in New York City with 156,116 square feet and a city-determined market value of $87.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 83 percent of the 156,116 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. They are all located in Manhattan.