North Hill Capital Management signs $16.5M refi loan with T30 Capital for office in Lower East Side

North Hill Capital Management through the entity 195 Chrystie Street Owner LLC as borrower signed a refi loan with lender T30 Capital through the entity Forthill Chrystie Holder, LLC valued at $16.5 million for the three-unit office building (O6) at 195 Chrystie Street in Lower East Side, Manhattan.
The deal closed on December 21, 2023 and was recorded on December 26, 2023. The prior lender was BankUnited which held debt that had an original loan amount of $18.4 million.
The property has 81,900 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $201 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 April 30, 2013, for $1.8 million. The signatory for North Hill Capital Management was Alfonso Kimche. The signatory for T30 Capital was David Schwartz.

The property

The office building with 3 residential units in Lower East Side has 81,900 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 200 feet deep with a total lot size of 9,999 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.4 million.

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 one DOB violation, $3,125 in ECB penalties, and $3,275 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.4 times the average sales volume among other neighborhoods with $494.3 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Lower East Side has 1.3 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 135,639 square feet of the 377,750 square feet. The largest owner is Omnia Group, followed by Demarinis and then Better Living Properties.
On the tax block, there were two new building construction projects totaling 91,871 square feet. The largest is a 26-unit, 48,724 square-foot residential (R-2) building submitted by Omnia Group and filed by David Paz with plans filed February 9, 2022 and permitted June 14, 2022. The second largest is a 14-unit, 43,147 square-foot residential (R-2) building submitted by Scott Kummings with plans filed November 22, 2017 and permitted January 24, 2019.

The majority, or 37 percent of the 377,750 square feet of built space are walkup buildings, with office buildings next occupying 22 percent of the space.

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