Eric Schlagman signs $25M refi with affiliate of Regeneron co-founder in Tribeca
Eric Schlagman through the entity 50 Hudson LLC as borrower signed a refi loan with the lender GLT Hudson Holdings, LLC, an affiliate of Regeneron co-founder George D. Yancopoulos, valued at $25 million for the mixed-use building at 50 Hudson Street in Tribeca, Manhattan. The building is divided into five condominium units.
The deal closed on April 27, 2023 and was recorded on June 1, 2023. The prior lender was G4 Capital Partners which held debt that had an original loan amount of $20.9 million.
The five properties have 11,337 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $2,205 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 Eric Schlagman was Eric Schlagman. The signatory for George D. Yancopoulos was Barbara R. Diehl. George D. Yancopoulos is co-founder of the biotech firm Regeneron. The lender entity address in Acris is at Yancopoulos’s home in Yorktown Heights, NY.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 50 Hudson Street.
The property
The condo building in Tribeca has 11,337 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 1,945 square feet. The city-designated market value for the property in 2022 is $1.5 million.
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
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 1.8 times the average sales volume among other neighborhoods with $653 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.
The block
On the tax block of 50 Hudson Street, PincusCo has identified the owners of one of the nine commercial properties representing 20,372 square feet of the 855,501 square feet. The identified owner is Kenneth Maisler.
There are no active new building construction projects on this tax block.
The majority, or 96 percent of the 855,501 square feet of built space are office buildings, with elevator buildings next occupying 2 percent of the space.
Direct link to Acris document. link