Legacy Real Estate signs $20M refi for Broadway office building in NoHo

Legacy Real Estate through the entity Renaissance 627 Broadway LLC as borrower signed a refi loan with lender Apple Bank for Savings through the entity Apple Bank For Savings valued at $20 million for the corner office building at 627 Broadway in NoHo, Manhattan.
The deal closed on April 14, 2022 and was recorded on April 21, 2022. The prior lender was Apple Bank for Savings which held debt that had an original loan amount of $20 million.

The property has 104,500 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $191 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 Legacy Real Estate was Kenneth L. Fishel. The signatory for Apple Bank for Savings was Cynthia Wang. This is a mortgage extension agreement. There is no new debt. Kenneth L. Fishel is the president of Legacy Real Estate.

Prior sales and revenue

The 104,500-square-foot property generated revenue of $6.5 million or $62 per square foot, according to the most recent income and expense figures.

The property

The 627 Broadway parcel has frontage of 50 feet and is 200 feet deep with a total lot size of 10,000 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property is in the NoHo Historic District. The city-designated market value for the property in 2022 is $24 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $967 in ECB penalties and $2,837 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Greenwich Village, the bulk, or 35 percent of the 34 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Greenwich Village has the 10th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 445,850 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.

The block

There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 556,946 square feet of built space are office buildings, with residential elevator buildings next occupying 15 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 627 Broadway that occurred over the past 24 months.

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