Ian Bremmer signs $8.6M initial loan with Bank of America for two office properties in NoMad

Ian Bremmer through the entity Realestatepolitik LLC as borrower signed a initial loan with lender Bank of America valued at $8.6 million for two office buildings (O2) at 21 and 23 West 26th Street in NoMad, Manhattan.
The deal closed on May 9, 2023 and was recorded on May 22, 2023. The two properties have 11,127 square feet of built space and 38,229 square feet of additional air rights for a total buildable of 49,360 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $773 and the price per buildable square foot is $174 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 Ian Bremmer was Ian Bremmer.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 23 West 26th Street.

Prior sales and revenue

The two properties with a total of 11,127 square feet of built space generated revenue of $545,585 per year or $49 per square foot.

The property

The office building in NoMad has 11,127 square feet of built space and 38,229 square feet of additional air rights for a total buildable of 49,360 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $5 million and was provided by Empire State Certified Development Corporation on December 3, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 2.2 times the average sales volume among other neighborhoods with $767.6 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 917,847 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 23 West 26th Street, PincusCo has identified the owners of 13 of the 33 commercial properties representing 1,166,732 square feet of the 1,924,865 square feet. The largest owner is Wisdom Global Realty New York Llc, followed by Stellar Management and then Singh Equities.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.

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