Read Property Group signs $43.7M modification for office in Financial District

Read Property Group and Paul Wasserman through the entity 75 Maiden Lane LLC as borrower signed a loan modification with lender Flagstar Bank valued at $43.7 million for the office building (O6) at 75 Maiden Lane in the Financial District, Manhattan.
The deal closed on September 26, 2023 and was recorded on October 2, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of $46.5 million.
The property has 155,026 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $281 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 Read Property Group and Paul Wasserman was Robert Wolf and Paul Wasserman. The signatory for Flagstar Bank was Daniel M. Bagatta.

The property

The office building in Financial District has 155,026 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 95 feet deep with a total lot size of 14,048 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.9 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 one DOB violation, $312,500 in ECB penalties, and $3,125 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 122,959 square feet of the 882,094 square feet. The identified owner is Vanbarton Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 882,094 square feet of built space are office buildings, with hotel buildings next occupying 22 percent of the space.

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