Klein Group signs $16.5M refi for four retail in Financial District

Klein Group through the entity 20 Pine Street Investors LLC as borrower signed a refi loan with lender Valley National Bank valued at $16.5 million for four retail condominium units at 20 Pine Street in Financial District, Manhattan.
The deal closed on April 12, 2023 and was recorded on April 26, 2023. The prior lender was COMM 2013-CCRES which held debt that had an original loan amount of $16 million. The four properties have 32,760 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $503 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 Klein Group was Jacob Klein. The signatory for Valley National Bank was Brian Roh.

The property

The retail condo in Financial District has 32,760 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 19,933 square feet. The property has a 421G exemption that started in 2010 and expires in 2022. The city-designated market value for the property in 2022 is $5.3 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On the tax block of 20 Pine Street, PincusCo has identified the owner of the one commercial property that spans that spans 2,224,200 square feet on the block.The identified owner is Fosun International.
There are no active new building construction projects on this tax block.

All properties are office.

Direct link to Acris document. link