Moinian Group files to add 114 resi units in FiDi building through conversion of office space

Gabriel Dagan, executive vice president of the Moinian Group submitted a major alteration application to increase the number of residential (R-2) units in the building at 90 John Street in the Financial District, Manhattan, from 221 units to 335 units. The plan was filed with the New York City Department of Buildings on October 21, 2022 under job number M00783313. It calls for a rehab of the 29-story building. The project is described in the filing as: Conversion of third to seventh floors to residential use.

The property

The 90 John Street parcel has frontage of 131 feet and is 123 feet deep with a total lot size of 14,851 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing.

Prior sales and revenue

The condo building in Financial District has 372,364 square feet of built space according to a PincusCo analysis of city data.

Violations and lawsuits

According to city public data, the property has received two DOB violations, $9,800 in ECB penalties, seven housing violations, and $9,800 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Financial District, the majority, or 75 percent of the 81.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 7th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Financial District is the 5th most active neighborhood among other neighborhoods. It had 7.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 1,450,858 square feet of the 1,798,533 square feet. The largest owner is TF Cornerstone, followed by Lam Group and then Silverstein Properties. On the tax block, there were three new building construction projects totaling 548,564 square feet. The largest is a 250-unit, 213,017 square-foot R-2 building developed by Aron Kirsch with plans filed March 27, 2018 and permitted January 4, 2022. The second largest is a 92-unit, 199,899 square-foot R-2 building developed by Joseph Moinian with plans filed June 16, 2015 and it has not been permitted yet.

The owner

The owners according to the Department of Housing Preservation and Development includes Kimberly Cafaro, head officer and John Mehmedovic, officer. The business entity is 100 John Mazal Spe Owner Llc.

The surrounding

Within a 400-foot radius of 24 Gold Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months. Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 4, 2022 for the $330,000 renovation of 146,990-square-foot R-2 building with 169 residential units at 85 John Street. Of those nine items, three were sales above $5 million totaling $436 million. The most recent of the three was Silverstein Properties which bought the 338,463-square-foot, 418-unit rental (D7) on 116 John Street for $247.5 million from Metro Loft Management on February 7, 2022. Of those nine items, five were loans above $5 million totaling $285.9 million. The most recent of the five was Greenroad Capital which borrowed $11.6 million from Signature Bank secured by the 21,520-square-foot, five-unit office building (O5) on 27 Cliff Street on September 30, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.