French industrialist Pierre Bastid gets $34M refi from Spice Capital Partners for townhouse in Lincoln Square

Pierre Bastid’s Zaka Investments through the entity Erzuli, LLC as borrower signed a refi loan with lender Spice Capital Partners through the entity Spice Securities valued at $34 million for the townhouse at 48 West 69th Street in Lincoln Square, Manhattan.
The deal closed on April 28, 2023 and was recorded on May 10, 2023. The prior lender was Hollbruge which held debt that had an original loan amount of $22.2 million. The property has 13,767 square feet of built space and 2,916 square feet of additional air rights for a total buildable of 16,664 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,469 and the price per buildable square foot is $2,040 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 November 28, 2012, for $13 million. The signatory for Zaka Investments was Lawrence E. Fabian. The signatory for Spice Capital Partners was Irene Epskamp. The signatories for the former and the new lender are at the law firm Sarfati & Associates, based in Netherlands. Zaka Investments is a family office for the industrialist Pierre Bastid.  Spice Capital Partnersis lender based in London. 

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Philip Widlanski, officer. The business entity is 50 West 69th Llc.

The property

The residential walkup building with 13 residential units in Lincoln Square has 13,767 square feet of built space and 2,916 square feet of additional air rights for a total buildable of 16,664 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 100 feet deep with a total lot size of 4,166 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $3.4 million. The most recent loan totaled $22.2 million and was provided by Hollbruge on December 17, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project for a one-unit, 13,782 square-foot R-3 building. The project was submitted by Lawrence Fabian with plans filed October 28, 2013 and permitted April 26, 2018.

The block

On this tax block, PincusCo has identified the owners of 31 of the 42 commercial properties representing 341,682 square feet of the 420,688 square feet. The largest owner is Yehuda Cohen, followed by Thijs Menger and then Theresa Veltri.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 420,688 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

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