PIMCO acquires 3 notes totaling $20.9M secured by Croman, RAGHSA rentals

Investment manager PIMCO through the entity PT ATL SPV Grantor Trust bought three loans from Capital One with a combined original principal of $20.9 million secured by properties owned by Croman Real Estate and RAGHSA.

In the first, PIMCO bought a note with an original principal of $3.8 million from Capital One secured by Steven Croman’s 10-unit rental (C4) at 321 East 10th Street in Alphabet City, Manhattan.
The deal closed on September 28, 2021 and was recorded on October 18, 2021.
The property has 9,330 square feet of built space according to PincusCo analysis of city data. (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 July 26, 2006, for $2.1 million.

The owners according to the Department of Housing Preservation and Development includes Steve Croman, head officer and Carols Zaragoza, site manager. The business entities are New York City Management Llc and 321 E. 10th Llc.

Direct link to Acris document. link

In the second note purchase, PIMCO bought a note with an original principal of $11.5 million from Capital One secured by Croman Real Estate and Steven Croman’s 28-unit rental (C7) at 232-234 Elizabeth Street in Nolita, Manhattan.
The deal closed on September 28, 2021 and was recorded on October 18, 2021.
The property has 15,372 square feet of built space and 6,878 square feet of additional air rights for a total buildable of 22,261 square feet according to PincusCo analysis of city data.
The owner bought the property on December 13, 2006, for $6.5 million.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $130,150. One of the projects were to change the number of residential units from 0 to 28 and were permitted on October 25, 2004.
The owners according to the Department of Housing Preservation and Development includes Steve Croman, head officer and Annabelle Santiago, officer. The business entities are Centennial Properties and 232 Elizabeth Llc.

Direct link to Acris document. link

In the third, PIMCO bought a note with an original principal of $5.6 million from Capital One secured by RAGHSA and MKF Realty LLC’s 30-unit rental (C1) at 9 East 118th Street in East Harlem, Manhattan.
The deal closed on September 28, 2021 and was recorded on October 18, 2021.
The property has 21,129 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $0 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 August 15, 2013, for $4.4 million.

Isaac R. Khafif and Edgardo Khafif are executives at RAGHSA and MKF Realty.
The owners according to the Department of Housing Preservation and Development includes Adam Smith, head officer and Elis Suca, site manager. The business entities are Mann Realty Associates and 9 East 118 Street Llc.

Direct link to Acris document. link