Moinian Group signs $106M loan with Deutsche Bank for office in Financial District
17 Battery Place (Credit - Google)
The Moinian Group through the entity Battery Commercial Associates LLC as borrower signed a loan with lender Deutsche Bank valued at $106 million for the office condo at 17 Battery Place in the Financial District, Manhattan.
The deal closed on June 9, 2022 and was recorded on July 11, 2022. The property has 383,478 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $276 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 property
The 17 Battery Place parcel has a total lot size of 383,478 square feet. The city-designated market value for the property in 2022 is $50 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
The neighborhood
In Financial District, the majority, or 71 percent of the 85.2 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 6th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Financial District is the 5th most active neighborhood among other neighborhoods. It had 7.8 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 two of the six commercial properties representing 581,223 square feet of the 1,548,163 square feet. The two identified owners are Rose Associates and Moinian Group. There are no active new building construction projects on this tax block.
Surrounding
Within a 400-foot radius of 17 Battery Place, PincuscCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on July 24, 2020 for the $28 million renovation of 373,514-square-foot R-2 building with 559 residential units at 2 Washington Street.
One of those two items was a loan which Moinian Group borrowed $131.5 million from Deutsche Bank secured by one condo unit in the 245,477-square-foot, 623-unit mixed-use building (RM) on 17 Battery Place on July 29, 2021.
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