Mixed-use building in West Village gets $12.7M refi from Bank of America

Ciaran O’Kelly through the entity 134 Charles LLC as borrower signed a refi loan with lender Bank of America valued at $12.7 million for the two-unit mixed-use building at 134 Charles Street in West Village, Manhattan.
The deal closed on October 18, 2021 and was recorded on February 17, 2022. The prior lender was Bank of America which held debt that had an original loan amount of $13.6 million.
The property has 8,914 square feet of built space and 9,754 square feet of additional air rights for a total buildable of 18,668 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,424 and the price per buildable square foot is $680 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 July 22, 2008, for $17 million.
The signatory for Ciaran O’Kelly was Ciaran O’Kelly. The signatory for Bank of America was Kimble Monroe-Mallet.
(121937725)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 2 residential units on September 26, 2016.
In West Village, the bulk, or 35 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 38 percent of the 177,822 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 29 percent of the space.
Within a 400-foot radius of 134 Charles Street, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 28, 2020 for the $7.9 million renovation of 17,200-square-foot E building with N/A residential units at 272 West 10th Street.
Of those 10 items, four were sales above $5 million totaling $53.3 million. The most recent of the four was TARGO Capital Partners which bought the 10,230-square-foot, 15-unit rental (C4) on 661 Washington Street for $8.4 million from Phyllis Schoenberg on June 8, 2021.
Of those 10 items, five were loans above $5 million totaling $39 million. The most recent of the five was TARGO Capital Partners which borrowed $5.5 million from Dwight Mortgage Trust secured by the 10,230-square-foot, 15-unit rental (C4) on 661 Washington Street on June 8, 2021.

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