Lions Group signs $18.4M refi with Ladder Capital for 37-unit walkup in West Village

Lions Group through the entity 100 Christopher LLC as borrower signed a refi loan with lender Ladder Capital through the entity Ladder Capital Finance LLC valued at $18.4 million for the 37-unit residential walkup building (C7) at 100 Christopher Street in West Village, Manhattan.
The deal closed on January 8, 2025 and was recorded on January 23, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $18 million.The property has 21,849 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $839 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.)
Lions Group bought the property on October 23, 2023, for $30 million. The signatory for Lions Group was Ramin Shirian. The signatory for Ladder Capital was David Traitel.

The property

The residential walkup building with 37 residential units in West Village has 21,849 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 69 feet and is 82 feet deep with a total lot size of 5,270 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $10.5 million. The most recent loan totaled $18 million and was provided by Santander Bank on October 23, 2023.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on September 27, 2023, by Delshah Capital, Michael Shah, and Patrick McCann citing assets of $30 million. In addition, according to city public data, the property has received four DOB violations, $23,810 in ECB penalties, two housing violations, and $29,110 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 18 of the 39 commercial properties representing 231,863 square feet of the 344,326 square feet. The largest owner is Croman Real Estate, followed by Gilman Management and then Kalimian Family.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 344,326 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Lions Group owned at least 13 commercial properties with 496 residential units in New York City with 375,258 square feet and a city-determined market value of $103.8 million. (Market value is typically about 50% of actual value.) The portfolio has $239.1 million in debt, with top three lenders as Greystone & Co., Bank Leumi, and Santander Bank respectively. Within the portfolio, the bulk, or 84 percent of the 375,258 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. The bulk, or 79 percent of the built space, is in Queens, with Manhattan next at 20 percent of the space.

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