Michael Besen signs $14.9M refi with Greystone & Co. for Nolita walkup

Michael Besen through the entity 311 W 21 LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone CRE Note 2019-Fl2 Ltd valued at $14.9 million for the 27-unit residential walkup building (C7) at 49 Prince Street in Nolita, Manhattan.
The deal closed on October 27, 2022 and was recorded on November 17, 2022. The prior lender was Greystone & Co. which held debt that had an original loan amount of $11 million.
The signatory for Michael Besen was Michael Besen. The signatory for Greystone & Co. was N. Tyler Darby.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Matthew Slonim, head officer and John Catalic, site manager. The business entities are New York City Management and 49 Prince Llc. T

The property

The 49 Prince Street parcel has frontage of 50 feet and is 80 feet deep with a total lot size of 3,850 square feet. The zoning is M1-5B which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $7.4 million.The most recent loan totaled $21 million and was provided by Greystone & Co. on March 11, 2020.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 49 Prince Street, PincusCo has identified the owners of eight of the nine commercial properties representing 472,310 square feet of the 477,310 square feet. The largest owner is Kushner Companies, followed by Olnick Organization and then WCP Investments.
On the tax block, there was one new building construction project filed totaling 57,427 square feet. It is a N/A-unit, 57,427-square-foot B building developed by Stephanie Gomez with plans filed September 9, 2014 and permitted August 29, 2016.

The majority, or 82 percent of the 279,687 square feet of built space are office buildings, with mixed-use buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Michael Besen owned at least five commercial properties in New York City with 84,603 square feet and a city-determined market value of $13.5 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Greystone & Co. and New York Community Bank. Within the portfolio, all identified are walkup properties. The bulk, or 59 percent of the built space, is in Bronx, with Manhattan next at 41 percent of the space.

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