Pizzarotti IBC signs $35M refi with Maxim Capital Group for 25-unit condo in Chelsea

Pizzarotti IBC through the entity FPNY LLC as borrower signed a refi loan with lender Maxim Capital Group valued at $35 million for the 25-unit residential elevator building (D1) at 251 West 14th Street in Chelsea, Manhattan.
The deal closed on January 5, 2023 and was recorded on January 17, 2023. The prior lender was Bank of the West which held debt that had an original loan amount of $40 million. The property has 117,052 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $299 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 January 14, 2016, for $23 million. The signatory for Pizzarotti IBC was Joseph A. Mascia. The signatory for Maxim Capital Group was Joshua Knoll.

The property

The 251 West 14th Street parcel has frontage of 48 feet and is 103 feet deep with a total lot size of 4,991 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.4 million.The most recent loan totaled $40 million and was provided by Bank Of The West on September 12, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $4,370 in ECB penalties in the last year.

Development

On the lot, there is one active new building construction project for a 25-unit, 110,081 square-foot R-2 building. The project was developed by Alfredo Vinci with plans filed September 23, 2014 and permitted December 3, 2018. On the tax lot, the most recent condominium plan was filed by FPNY 14TH LLC to create 25 residential units and 1 commercial units in a building at 251 West 14th Street in Chelsea, Manhattan, called Elisa that has a $80.6 million sellout, according to an November 12, 2019 submission to the New York State Attorney General.The principals of the sponsor, FPNY 14TH LLC, were Giorgio Cassina, Marco Martegiani, and Alfredo Vinci.

The block

On this tax block, PincusCo has identified the owners of 10 of the 43 commercial properties representing 320,725 square feet of the 760,654 square feet. The largest owner is Sky Management, followed by S.W. Management and then Pizzarotti IBC.
On the tax block, there were three new building construction projects totaling 156,390 square feet. The largest is a 25-unit, 110,081-square-foot R-2 building developed by Alfredo Vinci with plans filed September 23, 2014 and permitted December 3, 2018. The second largest is a 21-unit, 36,712-square-foot R-2 building developed by Ann Eber with plans filed September 11, 2014 and permitted December 1, 2015.

The majority, or 43 percent of the 749,520 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Pizzarotti IBC owned at least one commercial property in New York City. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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