Hines lends $10M to MDE Property Group for mixed-use retail in West Village

MDE Property Group through the entity 684 Greenwich Owners LLC as borrower signed a refi loan with lender Hines through the entity Hines Realty Income Reit LLC valued at $10 million for the four-unit plus retail property at 684 Greenwich Street in West Village, Manhattan.
The deal closed on May 6, 2022 and was recorded on May 17, 2022. The prior lender was Wells Fargo which held debt that had an original loan amount of $7.8 million. The property has 4,875 square feet of built space and 1,631 square feet of additional air rights for a total buildable of 6,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,051 and the price per buildable square foot is $1,538 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 April 12, 2018, for $8.8 million. The signatory for MDE Property Group was Joshua Landau. The signatory for Hines was Janice E. Walker.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joshua Landau, head officer and Adam Reisman, officer. The business entity is 684 Greenwich Owners Llc.

The property

The 684 Greenwich Street parcel has frontage of 18 feet and is 75 feet deep with a total lot size of 2,675 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension. The city-designated market value for the property in 2022 is $3.6 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 $8,750 in ECB penalties and $10,550 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 22 commercial properties representing 55,590 square feet of the 159,019 square feet. The largest owner is Hakimian Organization, followed by Gili Haberberg and then Rhea Sohne. There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 246,657 square feet of built space are specialty buildings, with walkup buildings next occupying 20 percent of the space.

Surrounding

Within a 400-foot radius of 684 Greenwich Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, four were sales above $5 million totaling $53.3 million. The most recent of the four was TARGO Capital Partners which bought the 10,230-square-foot, 15-unit rental (C4) on 661 Washington Street for $8.4 million from Phyllis Schoenberg on June 8, 2021.
Of those seven items, three were loans above $5 million totaling $23.7 million. The most recent of the three was Ciaran O’Kelly which borrowed $12.7 million from Bank of America secured by the 8,914-square-foot, three-unit mixed-use building (S2) on 134 Charles Street on February 17, 2022.

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