Gatsby Enterprises signs $14.3M refi for 37-unit rental in West Village

The Ohebshalom family’s Gatsby Enterprises through the entity Baba Village 10 LLC (and others) as borrower signed a refi loan with lender Flagstar Bank valued at $14.3 million for the 37-unit residential elevator building (D7) at 234 West 13th Street in West Village, Manhattan.
The deal closed on July 23, 2024 and was recorded on August 5, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $16.7 million. The property has 26,377 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $540 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 Gatsby Enterprises was Nader Ohebshalom, Jeanette Ohebshalom, Sherrie Ohebshalom, Lisa Ohebshalom, Jessica Ohebshalom, and Isaac Ohebshalom. The signatory for Flagstar Bank was John Feijoo.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Nader Ohebshalom, head officer and Lisa Shalom, officer. The business entity is Baba Village 1, Llc.

The property

The residential elevator building with 37 residential units in West Village has 26,377 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 133 feet and is 150 feet deep with a total lot size of 5,612 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $12.3 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 $1,000 in ECB penalties, five housing violations, and $3,600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 15, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 15 commercial properties representing 106,458 square feet of the 301,690 square feet. The largest owner is Charles Alpert, followed by Gatsby Enterprises and then Loretta Graziano.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 301,690 square feet of built space are specialty buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Gatsby Enterprises owned at least 39 commercial properties with 1,083 residential units in New York City with 750,705 square feet and a city-determined market value of $241 million. (Market value is typically about 50% of actual value.) The portfolio has $170.8 million in debt, with top three lenders as Capital One, Dime Community Bank, and First Republic Bank respectively. Within the portfolio, the bulk, or 48 percent of the 750,705 square feet of built space are walkup properties, with elevator properties next occupying 44 percent of the space. They are all located in Manhattan.

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