Maguire Capital buys $7.5M note secured by stalled NoMad dev site

Maguire Capital Group through the entity Maguire Lex LLC bought a note from G4 Capital Partners with an original principal of $7.5 million secured by Skyland Management’s stalled development of a 48-key hotel at 120-124 Lexington Avenue in NoMad, Manhattan. The sale closed on June 4, 2024, and has not been recorded in public records as of publication. The loan covers three tax lots, with the addresses 120, 122 and 124 Lexington Avenue.

On this parcel, Skyland Management submitted a new building construction project for a 48-unit, 31,393 square-foot hotel (R-1) building at 120 Lexington Avenue. The plan was filed with the New York City Department of Buildings on December 31, 2018 under job number 121189490. It calls for the construction of a 10-story building. The project is described in the filing as: proposed 10-story mixed use building, as shown on plans.
The plan was classified as disapproved in January 2019, and no new plans have been filed on the tax lot.

Skyland Management borrowed the $7.5 million from G4 Capital Partners in October 2019, with Isaac Dabakaroff as signatory and president of the borrowing entity, 120 Lexington Ave. Corp.

Prior to this, PincusCo data shows Maguire Capital Group, led by Marvin Azrak, has purchased at least five loans totaling more than $35 million, including an $11 million note in Gowanus and a $9 million loan secured by Financial District properties.

Larger Maguire Capital note purchases that have not yet been recorded yet include an $81.5 million loan on Fifth Avenue hotel in Manhattan, and an $80 million loan secured by RFR Holding’s development site in Gowanus. Both those deals were in partnership with Madison Realty Capital and were reported by The Real Deal.

Violations and lawsuits

According to city public data, the property has received three DOB violations and $1,575 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $165.9 million in sales volume in the last two years and is the 31st highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 15th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 27 commercial properties representing 237,338 square feet of the 463,378 square feet. The largest owner is Atlantic Development Group, followed by Barry Singer, Trustee and then Christopher David Chen Trustee. On the tax block, there were three new building construction projects totaling 102,971 square feet. The largest is a six-unit, 37,911 square-foot hotel/dormitory/shelter (R-1) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet. The second largest is a 56-unit, 33,667 square-foot residential (R-2) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

The owner

The owners according to the Department of Housing Preservation and Development includes Isaac Dabakaroff, head officer and Amnon Dabakaroff, officer. The business entities are Skyland Management Group Llc and 120 Lexington Ave Corp.

Direct link to the property’s ACRIS page and link to DOB NOW portal.