Glacier Global signs $80M construction loan for 52-uni condo project in Gramercy

Glacier Global Partners through the entity 200 East 20th LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $80 million for the development building (V1) at 200 East 20th Street in Gramercy, Manhattan.
The deal closed on December 5, 2022 and was recorded on December 8, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $28 million.

There is a 52-unit, 67,873-square-foot R-2 building with plans filed September 13, 2018 and permitted June 30, 2022.
The signatory for Glacier Global Partners was Mark Weissman. The signatory for Bank Hapoalim was David Jeddah and Yaroslav Portuhay. Glacier recently filed a condo plan. 

The property

The zoning is C1-9A which allows for up to 2 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 $3.4 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, $500 in ECB penalties, and $500 in OATH penalties in the last year.

Development

On the tax lot, the most recent condominium plan was filed by Glacier through the entity 200 East 20th LLC to create 52 residential units and 1 commercial units in a building at 200 East 20th Street in Gramercy, Manhattan, called 200 East 20th Street Condominium, according to an November 22, 2022 submission to the New York State Attorney General. The principals of the sponsor were Yaniv Blumenfeld, Yoel Shargian, and Mark Weissman.

The neighborhood

In Gramercy, the bulk, or 30 percent of the 11.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has had very little sales volume relative to other neighborhoods with $242 million in sales volume in the last two years. For development, Gramercy has 1.4 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 303,394 square feet of the 472,891 square feet. The identified owner is S.W. Management.
On the tax block, there were two new building construction projects totaling 442,980 square feet. The largest is a 37-unit, 375,107-square-foot R-2 building developed by David Bistricer with plans filed March 25, 2014 and permitted August 11, 2015.

The majority, or 98 percent of the 472,891 square feet of built space are elevator buildings, with office buildings next occupying 1 percent of the space.

Direct link to Acris document. link