P. Zaccaro signs $17.5M refi loan with Metropolitan Commercial for rental in SoHo

P. Zaccaro through the entity 68-70 Spring Partners, LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $17.5 million for the 12-unit rental (D6) at 68-70 Spring Street in SoHo, Manhattan.
The deal closed on September 17, 2021 and was recorded on October 15, 2021.
The property has 25,604 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $683 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 P. Zaccaro was John A. Zaccaro, Sr.
(110146486) Plans for a 12-unit, 23,445 square-foot J-2 were filed on April 17, 2008 and were permitted on May 17, 2018.

Within a 400-foot radius of 68-70 Spring Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.

Of those 12 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 22, 2020 for the $385,800 renovation of 4,108-square-foot M building with 0 residential units at 216 Lafayette Street.
Of those 12 items, two were sales above $5 million totaling $469.8 million. The most recent of the two was Northwood Investors which bought the 48,235-square-foot, 14-unit office building (O6) on 520 Broadway for $87.8 million from Propp family on June 16, 2021.
Of those 12 items, nine were loans above $5 million totaling $670.8 million. The most recent of the nine was Hakimian Organization which borrowed $10 million from Apple Bank For Savings secured by the 67,300-square-foot, 60-unit rental (D9) on 229 Mulberry Street on June 22, 2021.

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