Maguire Capital buys $9M note secured by two FiDi buildings

Maguire Capital Group through the entity Maguire Stone LLC bought a note with an original principal of $9 million from BEB Capital secured by Alicia Harper, Philip Harper, and Harold Harper’s four-unit mixed-use building (S9) at 53 Stone Street and the three-unit mixed-use building (S3) at 55 Stone Street in Financial District, Manhattan.
The deal closed on April 8, 2024 and was recorded on May 2, 2024. The prior lender was BEB Capital which held debt that had an original loan amount of $9 million.
The Harpers paid $15.1 million for the two properties in 2023.
The two properties have 14,698 square feet of built space and 17,696 square feet of additional air rights for a total buildable of 32,390 square feet according to a PincusCo analysis of city data.
The signatory for Maguire Capital Group was Marvin Azrak. The Lightstone Group through the entity LSC 53-55 Stone LLC lent Maguire Capital Group $7.7 million for the purchase of the loan with an original principal of $9 million. The Maguire Capital purchase of the loan from BEB Capital has not yet been recorded in city records, but related documents have been recorded.

The property

The mixed-use building with 4 residential units at 53 Stone Street in Financial District has frontage of 17 feet and is 83 feet deep with a total lot size of 1,738 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Stone Street Historic District. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan totaled $9 million and was provided by BEB Capital on July 14, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 11.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 53 Stone Street, PincusCo has identified the owners of four of the 16 commercial properties representing 32,978 square feet of the 2,063,229 square feet. The largest owner is Sol Goldman Investments, followed by Ronan Downs and then Alicia Harper.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 2.1 million square feet of built space are office buildings, with industrial buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Alicia Harper owned at least three commercial properties with 18 residential units in New York City with 21,438 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $17 million in debt, borrowed from BEB Capital and Lancewood Capital. Within the portfolio, the bulk, or 69 percent of the 21,438 square feet of built space are mixed-use properties, with walkup properties next occupying 31 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Harold Harper owned at least one commercial property with 10 residential units in New York City with 6,914 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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