Romanoff signs $45M initial loan with New York Life in Meatpacking
Romanoff Equities through the entity Eight60 LLC as borrower signed an initial loan with lender New York Life Insurance Company valued at $45 million for the office building (O6) at 860 Washington Street in the Meatpacking District, Manhattan.
The deal closed on August 26, 2021 and was recorded on September 3, 2021.
The property has 115,173 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $390 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.
(121328483)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on August 26, 2016. (121328483) Plans for a 0-unit, 92,834 square-foot B were filed on May 6, 2013 and were permitted on September 18, 2014.
Property Group Partners, a unit of W.R. Berkley Insurance Co., bought a stake in 2012 from the Romanoff family, then in December 2020, the partnership transferred the fee position to the Romanoffs valued at $80 million, and sold a ground lease for $232 million to Meadow Partners on December 31, 2020. This is the first debt Romanoff has taken on the property, which it has owned for decades.
Within a 400-foot radius of 860 Washington Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 2, 2021 for the $4.5 million renovation of 44,651-square-foot office B building with no residential units at 405 West 13th Street.
One of those four items was a sale which Aurora Capital Associates and Adjmi family bought the 2,364-square-foot, two-unit mixed-use building (K2) on 406 West 13th Street for $6.8 million from Meatpacking LLC on December 9, 2020.
Of those four items, two were loans above $5 million totaling $156.8 million. The most recent of the two was Sidney Spanier which borrowed $6.8 million from Wells Fargo Bank, National Association secured by the 30,162-square-foot, 24-unit office building (O5) on 420 West 14th Street on October 22, 2020.
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