Moinian signs $111M construction loan with MSD for 250-unit FiDi dev site

Moinian Group through the entity 102-110 John Mazal LLC as borrower signed a new construction loan with lender MSD Partners through the entity MSD RCOF Partners XXX, LLC valued at $169 million for the 250-unit residential elevator project (D8) at 3 Platt Street in Financial District, Manhattan.
On the lot, there is one active new building construction project, 121188053, for a 250-unit, 213,017 square-foot R-2 building. The project was submitted by Moinian Group and filed by Aron Kirsch with plans filed March 27, 2018 and permitted August 25, 2023.
The deal closed on December 12, 2024 and was recorded on December 19, 2024. The prior lender was MSD Partners which held debt that had an original loan amount of $58 million.The property has 235,688 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $717 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 Moinian Group was Joseph Moinian. This is a new construction loan totaling $111 million on top of a $58 million land loan from 2022.

3 Platt Street Zoning Diagam ZD1 pdf

The property

The parcel has frontage of 104 feet and is 124 feet deep with a total lot size of 14,258 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. The city-designated market value for the property in 2022 is $37.4 million. The most recent loan totaled $58 million and was provided by MSD Partners on April 11, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $5,625 in ECB penalties and $10,645 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the seven commercial properties representing 1,450,858 square feet of the 1,453,619 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 residential (R-2) building submitted by Moinian Group and filed by Aron Kirsch with plans filed March 27, 2018 and permitted August 25, 2023. The second largest is a 92-unit, 199,899 square-foot residential (R-2) building submitted by Joseph Moinian with plans filed June 16, 2015 and it has not been permitted yet.

The majority, or 82 percent of the 1.5 million square feet of built space are elevator buildings, with hotel buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Moinian Group owned at least 15 commercial properties with 1,289 residential units in New York City with 1,971,190 square feet and a city-determined market value of $522.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.4 billion in debt, with top three lenders as Deutsche Bank, Bank of China, and AIG respectively. Within the portfolio, the bulk, or 48 percent of the 1,971,190 square feet of built space are office properties, with elevator properties next occupying 45 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

Direct link to Acris document. link