Robert Getreu signs $20M refi loan with Apple Bank for office in Flatiron District

Robert Getreu through the entity 25 Park LLC as borrower signed a refi loan with lender Apple Bank for Savings valued at $20 million for the office building (O6) at 104 East 25th Street in Flatiron District, Manhattan.
The deal closed on November 3, 2022 and was recorded on November 10, 2022. The prior lender was Apple Bank for Savings which held debt that had an original loan amount of $20 million. The property has 114,146 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $175 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 Robert Getreu was Robert Getreu. The signatory for Apple Bank for Savings was Cynthia Wang.

The property

The 104 East 25th Street parcel has frontage of 100 feet and is 98 feet deep with a total lot size of 9,875 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $27 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,450 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Flatiron District, the majority, or 72 percent of the 23.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 4.2 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Flatiron District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 1,017,311 square feet of the 1,246,480 square feet. The largest owner is Dasny, followed by McSam Hotel Group and then 331 Park Avenue Ventures, LLC.
On the tax block, there was one new building construction project filed totaling 39,171 square feet. It is a 129-unit, 39,171-square-foot R-1 building developed by Sam Chang with plans filed February 25, 2015 and permitted January 7, 2016.

The majority, or 64 percent of the 1.2 million square feet of built space are specialty buildings, with office buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Robert Getreu owned at least one commercial property in New York City with 200,757 square feet and a city-determined market value of $46.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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