Premier Equities signs $32M refi for hotel in NoMad
Premier Equities through the entity 1141 Realty Owner LLC as borrower signed a refi loan with lender Israel Discount Bank valued at $32 million for the hotel building (HB) at 1141 Broadway in NoMad, Manhattan.
The deal closed on July 13, 2023 and was recorded on July 24, 2023. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $30 million.
The property has 30,966 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,033 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 April 13, 2007, for $9 million. The signatory for Premier Equities was Uzi Ben Abraham. The signatory for Israel Discount Bank was Avi Lieberman and Jeremy Romine.
The property
The hotel building in NoMad has 30,966 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 96 feet deep with a total lot size of 3,074 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $11.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received seven DOB violations and $22,050 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In NoMad, The majority, or 66 percent of the 12.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.6 times the average sales volume among other neighborhoods with $561 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 898,973 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 13 of the 33 commercial properties representing 1,166,732 square feet of the 1,924,865 square feet. The largest owner is Wisdom Global Realty New York Llc, followed by Stellar Management and then Singh Equities.
There are no active new building construction projects on this tax block.
The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.
The borrower
The PincusCo database currently indicates that Premier Equities owned at least seven commercial properties with 30 residential units in New York City with 84,550 square feet and a city-determined market value of $36.5 million. (Market value is typically about 50% of actual value.) The portfolio has $145 million in debt, with top three lenders as Signature Bank, Acadia Realty Trust, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 40 percent of the 84,550 square feet of built space are mixed-use properties, with hotel properties next occupying 21 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Queens next at 29 percent of the space.
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