Hirshmark buys $4M note from SKW secured by East Village mixed-use building

Hirshmark Capital through the entity 222 E14 Funding LLC bought a note with an original principal of $4 million from SKW Funding secured by Brian Mulvihill’s three-unit mixed-use building at 222 East 14th Street in East Village, Manhattan.
The deal closed on January 14, 2022 and was recorded on February 8, 2022. The prior lender was SKW Funding which held debt that had an original loan amount of $4 million.
The property has 5,492 square feet of built space and 1,123 square feet of additional air rights for a total buildable of 6,608 square feet according to PincusCo analysis of city data. (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 5,492-square-foot property generated revenue of $300,668 or $55 per square foot, according to the most recent income and expense figures.

(104467168)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 3 residential units on February 1, 2013.
In the East Village, the bulk, or 35 percent of the 19.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space.
On the tax block, the majority, or 54 percent of the 354,668 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 32 percent of the space.
Within a 400-foot radius of 222 East 14th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
One of those seven items was a sale which 2 Floors 15 Rooms LLC bought the 5,024-square-foot, five-unit rental (C2) on 215 East 12th Street for $7.2 million from Anna L. Airapetian on November 3, 2021.
Of those seven items, six were loans above $5 million totaling $73.9 million. The most recent of the six was Sak Acquisitions LLC which borrowed $6.6 million from New York Community Bank secured by one condo unit in the 6,423-square-foot, 92-unit mixed-use building (RM) on 214 East 14th Street on November 22, 2021.

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