Firebird Grove signs $20M refi with Morgan Stanley for 10 properties in Greenwich Village

Firebird Grove through the entity OR Patchin Place LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Private Bank valued at $20 million for 10 properties with 33 residential units including the four-unit mixed-use building (S4) at 9 Patchin Place in Greenwich Village, Manhattan, five-unit residential walkup building (C2) at 7 Patchin Place in Greenwich Village, Manhattan, and 1-4 family building (A4) at 1 Patchin Place in Greenwich Village, Manhattan.
The deal closed on May 20, 2026 and was recorded on June 3, 2026. The prior lender was Derby Copeland Capital which held debt that had an original loan amount of $17 million. The 10 properties have 25,647 square feet of built space and 8,464 square feet of additional air rights for a total buildable of 32,255 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $779 and the price per buildable square foot is $620 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 Firebird Grove was Adam Semler . The signatory for Morgan Stanley was George Laughney .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Marla Siegel, head officer and Jair Gutierrez, site manager. The business entity is Or Patchin Place Llc. Out of the 10 properties, one with a total of 25,647 square feet of built space generated revenue of $200,862 per year.

The property

The property is in the Greenwich Village Historic District. Morgan Stanley on May 20, 2026 bought a loan with an original principal of $17 millino from Derby Copeland Capital signed by David N. Brooks , secured by 9 Patchin Place, 5 Patchin Place, 6 Patchin Place, 8 Patchin Place, 7 Patchin Place, 3 Patchin Place, 113 West 10th Street, 2 Patchin Place, 1 Patchin Place, and 10 Patchin Place, when owned by Firebird Grove .

Transaction Participants

Jeffrey S. Fried at Holland & Knight, LLP participated in the transaction on behalf of the lender.

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 received $225 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the 10 buildings received a initial certificate of occupancy in the last ten years. 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 Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.4 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were 324 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 9 Patchin Place, PincusCo has identified the owners of 23 of the 38 commercial properties representing 199,566 square feet of the 254,281 square feet. The largest owner is Brodsky Organization, followed by Nyc Department Of Education and then Firebird Grove.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 254,281 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Firebird Grove owned at least 51 commercial properties with 406 residential units in New York City with 363,275 square feet and a PincusCo-determined asset value of $337.3 million. The portfolio has $37 million in debt, with top three lenders as Derby Copeland Capital, Bank of America, and Signature Bank respectively. Within the portfolio, the bulk, or 54 percent of the 363,275 square feet of built space are walkup properties, with mixed-use properties next occupying 33 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Manhattan next at 49 percent of the space.

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