P. Zaccaro signs $76.6M refi for five properties in Manhattan
The Zaccaro family company P. Zaccaro through the entity 1-3 Mott And 218 Lafayette Street Partners, LLC as borrower signed a refi loan with lender Oceanview Life and Annuity Company valued at $76.6 million for five properties with 50 residential units including the 11-unit residential elevator building (D9) at 73-75 Sullivan Street in SoHo, Manhattan, 12-unit residential elevator building (D6) at 68-70 Spring Street in SoHo, Manhattan, and 24-unit residential walkup building (C7) at 241 Mulberry Street in Nolita, Manhattan.
The deal closed on November 12, 2024 and was recorded on January 2, 2025. The prior lenders included Dalan Real Estate and Metropolitan Commercial Bank which held debt that had an original loan amount of approximately $50 million.The five properties have 83,755 square feet of built space and 10,995 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $915 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. The signatory for Oceanview Life and Annuity Company was Marnie Adams.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes John Zaccaro, head officer and Gustavo Carrion, site manager. The business entity is 73-75 Sullivan Partners, Llc. Out of the five properties, two with a total of 83,755 square feet of built space generated revenue of $2.5 million per year.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $13,270 in OATH penalties in the last year.
Development
For the tax lot buildings, two out of the five buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project, 110146486, for a 12-unit, 23,445 square-foot J-2 building. The project was submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted May 17, 2018.
The block
On the tax block of 73-75 Sullivan Street, PincusCo has identified the owners of 15 of the 21 commercial properties representing 179,849 square feet of the 231,770 square feet. The largest owner is Centaur Properties, followed by P. Zaccaro and then Vintage Group.
On the tax block, there were two new building construction projects totaling 48,161 square feet. The largest is a nine-unit, 25,552 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed July 22, 2021 and permitted December 16, 2022. The second largest is a four-unit, 22,609 square-foot residential (R-2) building submitted by Larry Greenberg with plans filed March 15, 2017 and it has not been permitted yet.
The majority, or 78 percent of the 231,770 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.
The borrower
The PincusCo database currently indicates that P. Zaccaro owned at least five commercial properties with 50 residential units in New York City with 83,753 square feet and a city-determined market value of $28.3 million. (Market value is typically about 50% of actual value.) The portfolio has $50.4 million in debt, with top three lenders as G4 Capital Partners, Metropolitan Commercial Bank, and Akerman registered respectively. Within the portfolio, the bulk, or 69 percent of the 83,753 square feet of built space are elevator properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Manhattan.
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