Regal Home Collections signs $20.9M refi for retail in Greenwich Village
Regal Home Collections through the entity Ec Realty Holdings LLC as borrower signed a refi loan with lender Valley National Bank valued at $20.9 million for the mixed-use building (K4) at 623 Broadway in Greenwich Village, Manhattan.
The deal closed on December 22, 2023 and was recorded on January 2, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $27.2 million.The property has 34,085 square feet of built space and 6,868 square feet of additional air rights for a total buildable of 40,936 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $613 and the price per buildable square foot is $510 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 November 21, 2014, for $56 million. The signatory for Regal Home Collections was Elyahu Cohen. The signatory for Valley National Bank was Ann S. Wilhelm.
The property
The mixed-use building in Greenwich Village has 34,085 square feet of built space and 6,868 square feet of additional air rights for a total buildable of 40,936 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 200 feet deep with a total lot size of 6,800 square feet. The property is in the NoHo Historic District. The city-designated market value for the property in 2022 is $20 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 $300 in OATH penalties in the last year.
Development
On the lot, there is one active major alteration construction project for a 40,659 square-foot M building. The project was submitted by Abe Betesh with plans filed March 5, 2019 and it has not been permitted yet.
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 2.8 times the average sales volume among other neighborhoods with $894.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Greenwich Village has 3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 104,500 square feet of the 422,463 square feet. The identified owner is Legacy Real Estate.
There are no active new building construction projects on this tax block.
The majority, or 92 percent of the 422,463 square feet of built space are office buildings, with mixed-use buildings next occupying 8 percent of the space.
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