Madison Realty Capital signs $29.6M refi for 20-unit elevator building in Greenwich Village

Madison Realty Capital through the entity Fifth Avenue Owners Group LLC as borrower signed a refi loan with lender ConnectOne Bank valued at $29.6 million for the 20-unit residential elevator building at 14 5th Avenue in Greenwich Village, Manhattan.
The deal closed on December 30, 2021 and was recorded on January 24, 2022. The prior lender was ConnectOne Bank which held debt that had an original loan amount of $27 million.
The property has 16,872 square feet of built space and 35,681 square feet of additional air rights for a total buildable of 52,550 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,754 and the price per buildable square foot is $563 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 February 6, 2015, for $27.5 million.
The signatory for Madison Realty Capital was Urian Yap. The signatory for ConnectOne Bank was Alice M. Layne.
The 16,872-square-foot property generated revenue of $770,645 or $46 per square foot, according to the most recent income and expense figures.

(121206756) Plans for an 18-unit, 81,243 square-foot R-2 were filed on December 6, 2019.
Urian Yap is chief financial officer at Madison Realty Capital.
In Greenwich Village, the bulk, or 35 percent of the 34 million square feet of 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.
On the tax block, the majority, or 48 percent of the 749,087 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space.
The owner according to the Department of Housing Preservation and Development is Julia Rodriguez, head officer. The business entity is Fifth Avenue Owners Group Llc.
Within a 400-foot radius of 14 5th Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on January 27, 2021 for the $497,214 renovation of the R-2 building with 289 residential units at 11 Fifth Avenue.
Of those seven items, two were sales above $5 million totaling $24.6 million. The most recent of the two was REDA Holdings which bought the 12,648-square-foot, 17-unit rental (C7) on 10 5th Avenue for $15 million from Solomon Builders on December 23, 2021.
Of those seven items, four were loans above $5 million totaling $82.8 million. The most recent of the four was REDA Holdings which borrowed $7.5 million from Signature Bank secured by the 12,648-square-foot, 17-unit rental (C7) on 10 5th Avenue on December 23, 2021.

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