Gary Spindler’s Park-It signs $15.2M refi for garage in West Village

Gary Spindler’s Park-It Management through the entity Wash-Clark Holdings LLC as borrower signed a refi loan with lender TD Bank valued at $15.2 million for the garage building (G1) at 575 Washington Street in West Village, Manhattan.
The deal closed on February 12, 2025 and was recorded on March 10, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $9.9 million.The property has 27,082 square feet of built space and 40,350 square feet of additional air rights for a total buildable of 67,475 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $563 and the price per buildable square foot is $226 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 Park-It Management was Gary Spindler . The signatory for TD Bank was John Stroligo.

Prior sales and revenue

The 27,082-square-foot property generated revenue of $1.2 million or $43 per square foot, according to the most recent income and expense figures.

The property

The industrial building in West Village has 27,082 square feet of built space and 40,350 square feet of additional air rights for a total buildable of 67,475 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 156 feet deep with a total lot size of 13,495 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $7.8 million.

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 $750 in OATH penalties in the last year.

Development

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 West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 3 times the average sales volume among other neighborhoods with $796.7 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 947,107 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Park-It Management owned at least 12 commercial properties with 25 residential units in New York City with 483,871 square feet and a city-determined market value of $107 million. (Market value is typically about 50% of actual value.) The portfolio has $148.2 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 77 percent of the 483,871 square feet of built space are industrial properties, with specialty properties next occupying 18 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Bronx next at 7 percent of the space.

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