Safehold borrows $14M from John Hancock for LES ground-leased buildings

Safehold, Inc. the iStar-managed real estate investment trust, borrowed $14 million from John Hancock Life Insurance Company in two separate transactions in the Lower East Side. The ground lease is owned by Four Winds.

In the larger, Safehold, Inc. through the entity 110-114 Ridge Street Ground Owner LLC as borrower signed a loan agreement with lender John Hancock Life Insurance Company (U.S.A.) valued at $7.3 million for 2 parcels, including the tax class one-story store building (K1) and containing 23 residential units at 114 Ridge Street in Lower East Side. The deal closed on April 21, 2020 and was recorded on May 5, 2020.

The average loan per unit is $317,391.
John Hancock executed this transaction under the company Manulife Financial. The last time the property sold was November 13, 2019, for $10,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 31 residential (or hotel) units on August 7, 2013.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Safehold, Inc. through the entity 106 Ridge Street Ground Owner LLC as borrower signed a loan agreement with lender John Hancock Life Insurance Company (U.S.A.) valued at $6.7 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 20 residential units at 106 Ridge Street in Lower East Side. The deal closed on April 21, 2020 and was recorded on May 5, 2020.
The property contains a total of 22,370 square feet of built space.
The average loan per unit is $335,000.
John Hancock executed this transaction under the company Manulife Financial. The last time the property sold was November 13, 2019, for $9,500,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $165,880. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $216,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link