Manhattan Five Partners signs $6.3M refi for 4-unit walkup in NoHo built in 1832

The family office Manhattan Five Partners through the entity MH 356 Bowery, LLC as borrower signed a refi loan with lender Israel Discount Bank valued at $6.3 million for the four-unit building (C3) at 356 Bowery in NoHo, Manhattan.
The deal closed on September 20, 2024 and was recorded on September 25, 2024. The property has 6,155 square feet of built space and 11,691 square feet of additional air rights for a total buildable of 17,850 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,023 and the price per buildable square foot is $352 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 31, 2019, for $8.9 million. The signatory for Manhattan Five Partners was Jeffrey Srulowitz. The signatory for Israel Discount Bank was Avi Lieberman and Ryan Shay.

The property

The building with 4 residential units in NoHo has 6,155 square feet of built space and 11,691 square feet of additional air rights for a total buildable of 17,850 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 108 feet deep with a total lot size of 1,785 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The property is in the NoHo Historic District Extension. The city-designated market value for the property in 2022 is $5.5 million. City records show the building was constructed in about 1832.

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 $4,000 in ECB penalties and $4,150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 27, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 131,130 square feet of the 174,461 square feet. The largest owner is Anthony C. Marano, followed by New York University and then Anthony M. Marano.
On the tax block, there was one new building construction project filed totaling 98,788 square feet. It is a 98,788 square-foot business (B) building submitted by SK Development and filed by Scott Shnay with plans filed January 7, 2021 and permitted December 8, 2022.

The majority, or 42 percent of the 174,461 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.

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