Malachite Group signs $12.1M refi with Simmons Bank for mixed-use retail in Lower East Side

Malachite Group through the entity Grand Street Commons LLC as borrower signed a refi loan with lender Simmons Bank through the entity Simmons Bank valued at $12.1 million for the mixed-use building (K4) at 314 Grand Street in Lower East Side, Manhattan.
The deal closed on April 28, 2026 and was recorded on May 8, 2026. The prior lender was Dime Community Bank which held debt that had an original loan amount of $15.5 million.The property has 29,465 square feet of built space and 1,387 square feet of additional air rights for a total buildable of 30,836 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $410 and the price per buildable square foot is $392 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 January 26, 2015, for $25.6 million. The signatory for Malachite Group was Manouchehr Malekan . The signatory for Simmons Bank was Thomas J. Danik .

Prior sales, articles and revenue

The 29,465-square-foot property generated revenue of $1.2 million or $39 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Lower East Side has 29,465 square feet of built space and 1,387 square feet of additional air rights for a total buildable of 30,836 square feet according to a PincusCo analysis of city data. The parcel has frontage of 87 feet and is 87 feet deep with a total lot size of 7,709 square feet. The lot is irregular. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.1 million.

Transaction Participants

David L. Smitherman at Porter Law Firm participated in the transaction on behalf of the lender.

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 $40,000 in ECB penalties and $40,050 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 neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.5 times the average sales volume among other neighborhoods with $528 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were 276 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 22 commercial properties representing 42,320 square feet of the 297,614 square feet. The largest owner is Om Dhiman, followed by Byron R. Goldman and then Kin Sing Realty Inc..
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 297,614 square feet of built space are walkup buildings, with mixed-use buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Malachite Group owned at least 18 commercial properties with 37 residential units in New York City with 218,797 square feet and a PincusCo-determined asset value of $113.6 million. The portfolio has $56.8 million in debt, with top three lenders as Flushing Bank, Citizens Bank, and Malachite Group respectively. Within the portfolio, the bulk, or 66 percent of the 218,797 square feet of built space are retail properties, with condo properties next occupying 14 percent of the space. The bulk, or 75 percent of the built space, is in Queens, with Manhattan next at 24 percent of the space.

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