NuVerse, Sunshine sign $99M construction loan for condo conversion in NoMad, $235M sellout

NuVerse Advisors and Sunshine Developers through the entity Madison 29 Holding LLC as borrower signed a construction loan with lender Bank Hapoalim valued at $99 million for the conversion of the office building at 95 Madison Avenue in NoMad, Manhattan, to a 65-unit condominium building with commercial. The condo plan anticipates a $235.4 million sellout for the residential units.
The loan closed on January 22, 2025 and was recorded on January 29, 2025. The prior loan was $50 million.
The property has 146,161 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $677 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 June 5, 2024, for $65 million, after signing a contract, which PincusCo first reported. The signatory for NuVerse Advisors and Sunshine Developers was Dov Schlein. The signatories for Bank Hapoalim were Judy Barnes and David Kesselman. The developers obtained $99 million in new and revised debt from Bank Hapoalim, and an affiliate of NuVerse continues to hold a $19 million loan.

The property

The office building in NoMad has 146,161 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 100 feet deep with a total lot size of 9,875 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $34 million. The most recent loan totaled $50 million and was provided by NuVerse Advisors on June 5, 2024.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7 million money judgment concerning a contract filed on June 12, 2024, by Michael Sklar and Sharan Sklar against Rita Sklar. In addition, according to city public data, the property has received two DOB violations, $24,830 in ECB penalties, and $25,180 in OATH penalties in the last year.

Development

On the tax lot, the most recent condominium plan was filed by MADISON 29 HOLDING LLC to create 65 residential units and 2 commercial units in a building at 95 Madison Avenue in NoMad, Manhattan, called 95 Madison that has a $235.4 million sellout, according to an January 21, 2025 submission to the New York State Attorney General.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $280.6 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, NoMad has 2 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 1,152,802 square feet of the 1,764,078 square feet. The largest owner is Global Holdings Management Group, followed by Feil Organization and then Sunlight Development.
On the tax block, there was one new building construction project filed totaling 169,210 square feet. It is a 123-unit, 169,210 square-foot residential (R-2) building submitted by Rockefeller Group and filed by John Pierce with plans filed January 30, 2018 and permitted June 6, 2018.

The majority, or 58 percent of the 1.8 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Nuverse Advisors owned at least four commercial properties with 313 residential units in New York City with 290,696 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 290,696 square feet of built space are elevator properties, with O8 properties next occupying 28 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Sunshine Developers owned at least one commercial property in New York City with 26,353 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Bronx.

Direct link to Acris document. link