Ezra Mashaal signs $36M loan with Metropolitan Commercial for office in Flatiron District

Ezra Mashaal through the entity Flatiron 30 LLC as borrower signed a loan with lender Metropolitan Commercial Bank valued at $36 million for the midblock office building at 30 West 21st Street in Flatiron District, Manhattan.
The deal closed on May 10, 2022 and was recorded on May 27, 2022. The property has 60,798 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $592 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 20, 2013, for $38.5 million.

Prior sales and revenue

The 60,798-square-foot property generated revenue of $2.7 million or $44 per square foot, according to the most recent income and expense figures.

The property

The 30 West 21st Street parcel has frontage of 50 feet and is 92 feet deep with a total lot size of 4,618 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $10.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 25, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Flatiron District, the majority, or 62 percent of the 27.7 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 25 percent of the space. In sales, Flatiron District has the 6th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Flatiron District has had very little major development activity relative to other neighborhoods.It had 583,415 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 40 commercial properties representing 138,843 square feet of the 1,170,062 square feet. The largest owner is Alexis L. Siegel, followed by Ashkenazy Acquisition and then Hesky Haim.

The majority, or 83 percent of the 1.2 million square feet of built space are office buildings, with residential elevator buildings next occupying 10 percent of the space.

Surrounding

Within a 400-foot radius of 30 West 21st Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million and one permit with a total initial cost of $4.4 million. The most recent of these two items was the filing on April 26, 2022 for a 12,426-square-foot R-2 building with five residential units at 54 West 22nd Street.
One of those nine items was a sale which Howard J. Siegel bought the 101,368-square-foot, 14-unit office building (O6) on 22 West 21st Street for $6 million from Steve Eigner on December 23, 2021.
Of those nine items, six were loans above $5 million totaling $49.5 million. The most recent of the six was Janet Yagoda which borrowed $12.5 million from Apple Bank for Savings secured by the 137,007-square-foot, 17-unit office building (O6) on 15 West 21st Street on May 20, 2022.

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