RIG Realty signs $17M refi loan with Ladder Capital in Manhattan
RIG Realty through the entity 385 Greenwich Street LLC as borrower signed a refi loan with lender Ladder Capital through the entity Ladder Capital Finance LLC valued at $17 million for two properties including the seven-unit rental (D5) at 90 Nassau Street in Financial District, Manhattan and three-unit mixed-use building (S9) at 385 Greenwich Street in Tribeca, Manhattan.
The deal closed on November 5, 2021 and was recorded on November 30, 2021.
The two properties have 18,771 square feet of built space and 7,647 square feet of additional air rights for a total buildable of 26,426 square feet according to PincusCo analysis of city data. The loan price per built square foot is $905 and the price per buildable square foot is $643 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 RIG Realty was Randal Gindi.
(120003183)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 3 residential units on May 5, 2016.
The owners according to the Department of Housing Preservation and Development includes Charles Cohen, head officer and Gene Youance, officer. The business entity is 385 Greenwich Street LLC.
Within a 400-foot radius of 385 Greenwich Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $3.4 million. The most recent of these three items was the filing on August 2, 2021 for a 1,494,471-square-foot R-2 building with 1,312 residential units at 378 Greenwich Street.
Of those 10 items, four were sales above $5 million totaling $58.9 million. The most recent of the four was 7 Hubert, Phb LLC which bought one condo unit in the 35-unit mixed-use building (RM) on 7 Hubert Street for $20 million from JLM Hubert St, LLC on December 23, 2020.
Of those 10 items, three were loans above $5 million totaling $32 million. The most recent of the three was 401 Greenwich LLC which borrowed $13 million from TD Bank secured by the 15,000-square-foot, three-unit office building (O5) on 401 Greenwich Street on October 20, 2021.
Direct link to Acris document. link