Related signs $103.8M refi with Goldman Sachs for rental in Battery Park City

Related Companies through the entity BPC Green, L.L.C. as borrower signed a refi loan with lender Goldman Sachs valued at $103.8 million for four commercial condominium units (CC) that contain 258 rental units at Tribeca Green at 325 North End Avenue in Battery Park City, Manhattan.
The deal closed on September 2, 2021 and was recorded on September 21, 2021.
The four properties have 301,838 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $343 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 Related Companies was Bryan Cho.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4.3 million. One of the projects were to change the building from a J-2 to a R-2and change the number of residential units from 274 to 273.
There was a condominium project filed with the address 325 North End Avenue and the name 325 North End Avenue Owners Corp. on June 14, 2019. The principals of the sponsor, Bpc Green Llc, were Stephen Ross, Jeff Blau, and Bruce Beal, Jr.. link
Within a 400-foot radius of 325 North End Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabiliation or alteration that require a change to the certificate of occupancy. They were two permit applications with a total initial cost of $8.7 million. The most recent of these two items was the filing on May 13, 2021 for a 308,846-square-foot R-2 building with 273 residential units at 325 North End Avenue.

Direct link to Acris document. link