LeFrak signs $75.5M refi loan with PGIM for retail in FiDi

LeFrak through the entity 180 Broadway Property LLC as borrower signed a refi loan with lender PGIM Real Estate through the entity Pgim Uscdf Scsp LP valued at $75.5 million for the retail condominium unit at 180 Broadway in Financial District, Manhattan.
The deal closed on July 16, 2024 and was recorded on July 22, 2024. The prior lender was Northwestern Mutual Life Insurance which held debt that had an original loan amount of $89.7 million.The property has 24,937 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $3,027 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 owner bought the property on September 4, 2014, for $195 million. The signatory for LeFrak was Arnold S. Lehman. The signatory for PGIM Real Estate was Justin Levitt.

The property

The retail condo in Financial District has 24,937 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,937 square feet. The city-designated market value for the property in 2022 is $26.9 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 not received any significant 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 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 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.4 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 this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 267,263 square feet of the 338,327 square feet. The largest owner is Wharton Properties, followed by Trans World Equities and then Heller Properties.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 338,327 square feet of built space are office buildings, with elevator buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that LeFrak owned at least 60 commercial properties with 9,604 residential units in New York City with 10,771,371 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 10,771,371 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 60 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.

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