IceCap Group signs $133M refi for office building in Garment District
IceCap Group signed two refinance loans totaling $133 million for the office building at 31 West 34th Street in the Garment District with two lenders, Safra National Bank and Banque J. Safra Sarasin in two separate transactions.
In the first, IceCap Group through the entity Little El Fassi, LLC as borrower signed a refi loan with lender Safra National Bank through the entity Safra National Bank Of New York valued at $68 million for the office building at 31 West 34th Street in Garment District, Manhattan.
In the second, IceCap Group through the entity Little El Fassi, LLC as borrower signed a refi loan with lender Banque J. Safra Sarasin through the entity Banque J. Safra Sarasin (Luxembourg) Sa valued at $65 million for the office building at 31 West 34th Street in Garment District, Manhattan.
The signatory for IceCap Group was Isaac Oved. The signatory for Safra National Bank was Courtney Walker and Stephan Mazzacca.
The 275,609-square-foot property generated revenue of $22.4 million or $81 per square foot, according to the most recent income and expense figures.
This is a refinance. IceCap Group is a part of the Oved Group of companies.
In Garment District, the majority, or 69 percent of the 53 million square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space. In sales, Garment District has 4.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Garment District has had very little major development activity relative to other neighborhoods.It had 561,900 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
On the tax block, the majority, or 90 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 4 percent of the space.
Within a 400-foot radius of 31 West 34th Street, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit application filed on April 29, 2021 for a 176,375-square-foot R-1 building with 363 residential units at 25 West 34th Street.
Of those 11 items, two were sales above $5 million totaling $73.4 million. The most recent of the two was Dong Yin Development (Holdings) Limited which bought the 122,859-square-foot, one-unit hotel (H2) on 63 West 35th Street and one other property for $67.9 million from Pure Virtue Enterprises Limited on January 20, 2022.
Of those 11 items, eight were loans above $5 million totaling $271.2 million. The most recent of the eight was Aron Rosenberg which borrowed $50.9 million from Ladder Capital secured by the 58,186-square-foot, one-unit office building (O6) on 28 West 36th Street and two other properties on April 2, 2021.
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