Ironstate Development signs $35M refi for The Standard East Village hotel

Ironstate Development through the entity Cooper AB, LLC as borrower signed a refi loan with lender East West Bank valued at $35 million for The Standard East Village hotel building (H2) at 25 Cooper Square in East Village, Manhattan.
The deal closed on August 1, 2025 and was recorded on September 5, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $40 million.The property has 91,948 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $380 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 Ironstate Development was Michael Barry . The signatory for East West Bank was Yongli Horowitz .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Louis Doto, head officer and Nyrm Solutions, site manager. The business entities are New York Realty Management, Inc and 27 Cooper Llc. The 91,948-square-foot property generated revenue of $23.7 million or $258 per square foot, according to the most recent income and expense figures.

The property

The hotel building in East Village has 91,948 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 100 feet deep with a total lot size of 11,662 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $39.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,350 in OATH penalties in the last year.

The neighborhood

In East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 2.3 times the average sales volume among other neighborhoods with $644 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 545,309 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 27 of the 33 commercial properties representing 401,988 square feet of the 459,804 square feet. The largest owner is Ironstate Development, followed by Madison Realty Capital and then Jonathan Wertenteil.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 459,804 square feet of built space are walkup buildings, with hotel buildings next occupying 30 percent of the space.

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