Rose Associates signs $70M refi for 293-unit elevator rental in FiDi

Rose Associates through the entity West Eden LLC as borrower signed a refi loan with lender MetLife through the entity Metlife Real Estate Lending LLC valued at $70 million for the 293-unit residential elevator building at 21 West Street in Financial District, Manhattan.
The deal closed on March 30, 2022 and was recorded on April 4, 2022. The prior lender was AXA Equitable which held debt that had an original loan amount of $67 million. The property has 335,746 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $208 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 Rose Associates was Amy Rose Silverman. The signatory for MetLife was Michael Hofheinz.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Adam Rose, head officer and Amy Rose, officer. The business entities are Rose Property Mgmt Grp Llc and West Eden Llc.

The property

The 21 West Street parcel has frontage of 75 feet and is 179 feet deep with a total lot size of 13,465 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $62.6 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $6,775 in ECB penalties and $8,275 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 13, 2015. 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 Financial District, the majority, or 71 percent of the 85.8 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 245,477 square feet of the 1,548,163 square feet. The identified owner is Moinian Group. There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 335,746 square feet of built space are residential elevator buildings.

Surrounding

Within a 400-foot radius of 21 West Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on August 18, 2020 for the $385,000 renovation of 845,516-square-foot R-2 building with 491 residential units at 1 West Street.
One of those three items was a sale which Calmwater Capital bought 18 condo units in the 284-unit mixed-use building (RM) on 20 West Street and no other properties for $14.8 million from Center Development Corporation on January 24, 2022.
One of those three items was a loan which Moinian Group borrowed $131.5 million from Deutsche Bank secured by the rental condo portion of the 245,477-square-foot, 623-unit mixed-use building (RM) on 17 Battery Place on July 29, 2021.

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