Midtown Equities ups debt to $135M at SoHo House building in Meatpacking

Midtown Equities through the entity 33 Ninth Commercial Owner LLC as borrower signed a refi loan with lender UBS through the entity UBS AG valued at $135 million for the hotel and retail condominium units at at 29 to 35 Ninth Avenue in the Meatpacking District, Manhattan. The club and hotel SoHo House occupies the building.
The deal closed on February 4, 2025 and was recorded on February 10, 2025. The prior lenders were Comm 2015-CCRE22 and M&T Bank which held debt that had an original loan amount of $115 million.
The two properties have 73,409 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,839 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 signatory for Midtown Equities was Jack Cayre. The signatory for UBS was Ann Lisser and Racquel A.C. Small.

The property

The building in the Meatpacking District has 73,409 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 25,386 square feet.

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

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 33 9th Avenue, PincusCo has identified the owners of eight of the 16 commercial properties representing 451,188 square feet of the 614,655 square feet. The largest owner is William Gottlieb Real Estate, followed by Romanoff Equities and then RFR Holding.
On the tax block, there was one new building construction project filed totaling 117,657 square feet. It is a 117,657 square-foot business (B) building submitted by Aurora Capital Associates|William Gottlieb Real Estate and filed by Matthew Abreu with plans filed October 29, 2015 and permitted April 18, 2017.

The majority, or 67 percent of the 614,655 square feet of built space are office buildings, with retail buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Midtown Equities owned at least three commercial properties with 121 residential units in New York City with 462,317 square feet and a city-determined market value of $100.6 million. (Market value is typically about 50% of actual value.) The portfolio has $318.5 million in debt, with top three lenders as ACORE Capital, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 39 percent of the 462,317 square feet of built space are office properties, with specialty properties next occupying 34 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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