Magnum signs $25M construction loan for 20-unit condo in Greenwich Village
Benjamin Shaoul’s Magnum Real Estate Group through the entity 813 & 815 Broadway Property LLC as borrower signed a construction loan with lender Israel Discount Bank valued at $25 million for the 20-unit condominium development project at 815 Broadway in Greenwich Village, Manhattan.
On the lot, there is one active new building construction project for a 20-unit, 29,915-square-foot residential (R-2) building, under job numb 121209165. The project was submitted by Magnum Real Estate Group and filed by Alexander Laszlo with plans filed December 28, 2020. On the tax lot, the most recent condominium plan was filed by 813 – 815 BROADWAY PROPERTY LLC to create 20 residential units and 1 commercial units in a building at 813-815 Broadway in Greenwich Village, Manhattan, called Nova Hous, according to an March 11, 2024 submission to the New York State Attorney General. The principals of the sponsor, 813 – 815 BROADWAY PROPERTY LLC, were Benjamin Shaoul, Elizabeth Shaoul, and Minoo Shaoul.
The deal closed on June 28, 2024 and was recorded on July 9, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $8.8 million.
The signatory for Magnum Real Estate Group was Benjamin Shaoul. The signatory for Israel Discount Bank was Elena Dokianos and Avi Lieberman.
The property
The retail building with 1 residential units in Greenwich Village has 4,752 square feet of built space and 3,760 square feet of additional air rights for a total buildable of 8,510 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,474 square feet. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled $8.8 million and was provided by New York Community Bank on August 2, 2021.
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 received $1,350 in OATH penalties in the last year.
The neighborhood
In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.3 times the average sales volume among other neighborhoods with $871 million in sales volume in the last two years and is the 9th highest in Manhattan. For development, Greenwich Village has 2.7 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 196,872 square feet of the 524,839 square feet. The largest owner is Taconic Partners, followed by New York Police Department and then Minoo Shaoul.
The majority, or 83 percent of the 524,839 square feet of built space are office buildings, with elevator buildings next occupying 9 percent of the space.
The borrower
The PincusCo database currently indicates that Magnum Real Estate Group owned at least two commercial properties with 33 residential units in New York City with 29,724 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) The portfolio has $133.2 million in debt, with top three lenders as Ares Management, JPMorgan Chase, and Labini Investments Limited respectively. Within the portfolio, the bulk, or 92 percent of the 29,724 square feet of built space are elevator properties, with C0 properties next occupying 8 percent of the space. They are all located in Manhattan.
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