Eric Goode ups debt to $40M for fee under new office building in NoHo
Eric Goode through the entity Fourth Street Realty Holding LLC — as borrower and property fee owner — signed a refi loan with lender Deutsche Bank through the entity German American Capital Corporation valued at $40 million for the ground leased fee under the office building (O4) at 358 Bowery in NoHo, Manhattan.
The deal closed on January 31, 2025 and was recorded on February 6, 2025. The prior lender was Deutsche Bank which held debt that had an original loan amount of $30 million.
The property has 105,571 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $378 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.)
Eric Goode as landlord leased the property to tenant developers CB Developers and SK Development on September 12, 2019, in a 99-year lease valued at $59.5 million. To build the building, CB Developers and SK Development borrowed $70 million from Bank of America.
The signatory for Eric Goode in this refinance was Jeremy McBride. The signatories for Deutsche Bank was Matt Smith and Murray Mackinnon. Eric Goode is Managing Member of the owner LLC in a loan from 2004.
The property
The office building in NoHo has 105,571 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 81 feet and is 101 feet deep with a total lot size of 8,705 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 million. The most recent loan totaled $30 million and was provided by Deutsche Bank on December 21, 2022.
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 $5,000 in ECB penalties and $7,050 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on August 31, 2012. On the lot, there is one active new building construction project, 121209227, for a 98,788 square-foot B building. The project was submitted by SK Development and filed by Scott Shnay with plans filed January 7, 2021 and permitted December 8, 2022.
The neighborhood
In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $186 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 289,473 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 11 of the 17 commercial properties representing 132,288 square feet of the 174,461 square feet. The largest owner is Anthony M. Marano, followed by New York University and then North River Investment.
On the tax block, there was one new building construction project filed totaling 98,788 square feet. It is a 98,788 square-foot business (B) building submitted by SK Development and filed by Scott Shnay with plans filed January 7, 2021 and permitted December 8, 2022.
The majority, or 42 percent of the 174,461 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.
The borrower
The PincusCo database currently indicates that Eric Goode owned at least one commercial property in New York City with 5,072 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $45 million in debt, borrowed from Deutsche Bank and Wells Fargo. The portfolio consists of at least a single retail property. It is located in Manhattan.
Direct link to Acris document. link