Omnia Properties signs $45M refi loan with Valley for 57-unit building in Lower East Side
183 Chrystie Street (Credit - Cyclomedia)
Omnia Properties through the entity 185 Chrystie Street LLC as borrower signed a refi loan with lender Valley National Bank through the entity Valley National Bank valued at $45 million for the four condominium units that make up the property at 183 Chrystie Street in Lower East Side, Manhattan, property at 183 Chrystie Street in Lower East Side, Manhattan, and property at 183 Chrystie Street in Lower East Side, Manhattan. The building has an alternate address of 4 Freeman Alley.
The deal closed on April 28, 2026 and was recorded on May 8, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $35 million. The four properties have 73,949 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $608.50 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 Omnia Properties was David Paz .
The block
On the tax block of 183 Chrystie Street, PincusCo has identified the owners of 11 of the 26 commercial properties representing 255,039 square feet of the 377,750 square feet. The largest owner is Omnia Group, followed by Arthur Karpati 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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