Forum Absolute Capital Partners borrows $12M from Churchill Real Estate Holdings for development property in West Village

Mikhail Kurnev’s Forum Absolute Capital Partners through the entity 401 West Property Owner, LLC as borrower signed a loan agreement with lender Churchill Real Estate Holdings through the entity Churchill 401 West Lender LLC valued at $12.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 401 West Street in West Village. The deal closed on January 21, 2020 and was recorded on January 24, 2020.
The property has 15,048 square feet of available development rights.
The average loan per buildable square foot is $797.
The last time the property sold was November 15, 2016, for $12,750,000. Churchill, led by Justin Ehrlich and Sorabh Maheshwari, is an active lender and owner, with six loans and sale transactions totaling more than $220 million reported by PincusCo since August 2019.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 14,889 square feet. Those plans include a total of 10 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link