Romanoff Equities signs $13M refi for retail in Meatpacking District

Romanoff Equities through the entity 817-33 Washington Street LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $13 million for six retail properties including the mixed-use building (K4) at 817 Washington Street, the mixed-use building (K2) at 32 Little West 12th Street, and the retail building (K2) at 823 Washington Street in Meatpacking District, Manhattan.

The deal closed on August 21, 2025 and was recorded on August 28, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $13 million.The six properties have 37,969 square feet of built space and 47,867 square feet of additional air rights for a total buildable of 85,830 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $342 and the price per buildable square foot is $151 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 Romanoff Equities was Stuart Romanoff .

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 817 Washington Street.

Prior sales and revenue

Out of the six properties, four with a total of 37,969 square feet of built space generated revenue of $1.9 million per year.

The property

The mixed-use building in Meatpacking District has 37,969 square feet of built space and 47,867 square feet of additional air rights for a total buildable of 85,830 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 85 feet deep with a total lot size of 6,660 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Gansevoort Market Historic District. The city-designated market value for the property in 2022 is $19.2 million.

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 not received any significant violations in the last year.

Development

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 Meatpacking District, The bulk, or 26 percent of the 2 million square feet of commercial built space are office buildings, with retail buildings next occupying 26 percent of the space. In sales, Meatpacking District has had very little sales volume relative to other neighborhoods with $92.5 million in sales volume in the last two years. For development, Meatpacking District has had very little major development activity relative to other neighborhoods.It had 94,434 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 817 Washington Street, PincusCo has identified the owners of four of the 18 commercial properties representing 97,706 square feet of the 264,397 square feet. The largest owner is William Gottlieb Real Estate, followed by Rh and then Krewe.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 264,397 square feet of built space are mixed-use buildings, with specialty buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Romanoff Equities owned at least one commercial property in New York City with 115,173 square feet and a city-determined market value of $48.1 million. (Market value is typically about 50% of actual value.) The portfolio has $45 million in debt, borrowed from New York Life Insurance Company. The portfolio consists of at least a single office property. It is located in Manhattan.

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