Northwind Group through the entity NW 125 G Lender LLC provided acquisition and construction financing valued at $313 million to borrower Fortress Investment Group through the entity 125 Greenwich Owner LLC for the completion of the 273-unit residential condominium project (D8) at 125 Greenwich Street, also known as 22 Thames Street, in the Financial District, Manhattan.
On the lot, there is one active new building construction project for a 273-unit, 358,388 square-foot residential R-2 building.
The Real Deal previously reported on the purchase and the financing earlier this month.
The deal closed on January 31, 2023 and was recorded on February 14, 2023.
The signatory for Fortress Investment Group was William A. Covino. The signatory for Northwind Group was Ran Eliasaf. The loan is composed of $117.5 million land loan, $141.5 million building loan and $54 million project loan.
The 22 Thames Street parcel has frontage of 82 feet and is 119 feet deep with a total lot size of 9,086 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $80 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 received one DOB violation and $1,050 in OATH penalties in the last year.
On the lot, there is one active new building construction project for a 273-unit, 358,388 square-foot R-2 building. The project was developed by Steven Dellasalla with plans filed June 5, 2012 and permitted August 8, 2017. On the tax lot, the most recent condominium plan was filed by VS 125 LLC to create 275 residential units in a building at 125 Greenwich Street in Financial District, Manhattan, called 125 Greenwich Condominium that has a $856.2 million sellout, according to an November 13, 2015 submission to the New York State Attorney General.
On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 181,725 square feet of the 1,402,317 square feet. The identified owner is Yucaipa Companies.
On the tax block, there were two new building construction projects totaling 608,621 square feet. The largest is a 273-unit, 358,388-square-foot R-2 building developed by Steven Dellasalla with plans filed June 5, 2012 and permitted August 8, 2017. The second largest is a N/A-unit, 250,233-square-foot B building developed by Richard Gladstone with plans filed August 29, 2014 and permitted December 13, 2017.
The majority, or 62 percent of the 1.4 million square feet of built space are office buildings, with elevator buildings next occupying 33 percent of the space.
The PincusCo database currently indicates that Fortress Investment Group owned at least three commercial properties in New York City with 589,218 square feet and a city-determined market value of $109.1 million. (Market value is typically about 50% of actual value.) The portfolio has $64.9 million in debt, borrowed from MetLife. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.
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