Realya signs $13.5M acquisition loan with Lincoln Life for retail in Greenwich Village

Israel-based Realya through the entity Realya Gca, LLC as borrower signed a acquisition loan with lender Lincoln Life & Annuity Company of New York through the entity Lincoln Life & Annuity Company Of New York valued at $13.5 million for five properties with five residential units including the two-unit mixed-use building (K4) at 387 Sixth Avenue, the three-unit mixed-use building (K4) at 389 Sixth Avenue, and the retail building (K7) at 395 Sixth Avenue in Greenwich Village, Manhattan.

Realya bought the buildings from Walter & Samuels for $24.25 million.
The deal closed on April 7, 2025 and was recorded on April 15, 2025. The prior lender was Bank of America which held debt that had an original loan amount of $12.4 million.

The five properties have 23,757 square feet of built space and 16,150 square feet of additional air rights for a total buildable of 39,907 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $568 and the price per buildable square foot is $338 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 Realya was Jay H. Kim . The signatory for Lincoln Life & Annuity Company of New York was Frankie T. Jones Jr. .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 395 Avenue Of The Amer.

Prior sales and revenue

Out of the five properties, four with a total of 23,757 square feet of built space generated revenue of $2.2 million per year.

The property

The retail building in Greenwich Village has 23,757 square feet of built space and 16,150 square feet of additional air rights for a total buildable of 39,907 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 80 feet deep with a total lot size of 2,462 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $4.6 million. The most recent loan totaled $12.4 million and was provided by Bank of America on November 4, 2021.

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 $26,350 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. 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 Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 7th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 2.5 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 395 Sixth Avenue, PincusCo has identified the owners of 12 of the 20 commercial properties representing 89,213 square feet of the 153,226 square feet. The largest owner is Nina Ohebshalom, followed by Realya and then Nazarian Property Group.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 153,226 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 Realya owned at least five commercial properties with five residential units in New York City with 23,757 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 23,757 square feet of built space are retail properties, with mixed-use properties next occupying 48 percent of the space. They are all located in Manhattan.

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