Samuel Fisch signs $40M refi loan with Deutsche Bank for office in Financial District

Samuel Fisch through the entity 40 Fulton Holdings LLC as borrower signed a refi loan with lender Deutsche Bank valued at $40 million for the office building (O4) at 40 Fulton Street in Financial District, Manhattan.
The deal closed on December 21, 2023 and was recorded on December 28, 2023.
The prior lender was Bank of New Hampshire which held debt that had an original loan amount of $25 million.The property has 234,553 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $170 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 owner bought the property on December 21, 2022, for $101 million. The signatory for Samuel Fisch was Samual Fisch, with the given name spelled Samual. The signatory for Deutsche Bank was David Addison and Anthony Pontoriero. Samuel Fisch at the location in Monsey is affiliated with Medrite.

Prior sales and revenue

The 234,553-square-foot property generated revenue of $10.3 million or $44 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 234,553 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 123 feet deep with a total lot size of 11,828 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 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 $34.7 million. The most recent loan totaled $25 million and was provided by Bank of New Hampshire on December 20, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $3,250 in OATH penalties 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 783,377 square feet of the 1,093,135 square feet. The largest owner is William Gottlieb Real Estate, followed by Samuel Fisch and then Rockrose Development.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 1.1 million square feet of built space are elevator buildings, with office buildings next occupying 49 percent of the space.

The borrower

The PincusCo database currently indicates that Samuel Fisch owned at least one commercial property in New York City with 234,553 square feet and a city-determined market value of $34.7 million. (Market value is typically about 50% of actual value.) The portfolio has $25 million in debt, borrowed from Bank of New Hampshire. The portfolio consists of at least a single office property. It is located in Manhattan.

Direct link to Acris document. link