Himmel + Meringoff signs $26M refi with Signature Bank for office building in East Village

Himmel + Meringoff Properties through the entity 409 Lafayette Street Associates LLC as borrower signed a refi loan with lender Signature Bank valued at $26 million for the office building (O5) at 409-413 Lafayette Street in East Village, Manhattan.
The deal closed on July 23, 2021 and was recorded on August 9, 2021.
The property has 97,020 square feet of built space and 0 square feet of additional air rights for a total buildable of 73,910 square feet according to PincusCo analysis of city data. The loan price per built square foot is $267 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 Himmel + Meringoff Properties was Leslie W. Himmel.
(121370694)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 7, 2017.
The financing includes $4 million in new debt.

Within a 400-foot radius of 409-413 Lafayette Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 9, 2020 for the $8.2 million renovation of 71,920-square-foot B building with N/A residential units at 440 Lafayette Street.
One of those two items was a loan which Ahmet Okumus of Okumus Fund Management borrowed $20.0 million from Nineteen77 Capital LLC, Bermudez Mutuari Ltd. secured by one condo unit in the 4,804-square-foot, 11-unit mixed-use building (RM) on 704 Broadway and three other properties on April 29, 2020.

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