Shorenstein Properties signs $26M refi loan with Forethought for 55-unit rental in East Village
Shorenstein Properties through the entity 200 E 11th St Owner LLC as borrower signed a refi loan with lender Forethought Life Insurance Company valued at $26 million for the 55-unit rental condo unit at 55 Third Avenue in East Village, Manhattan.
The deal closed on June 12, 2024 and was recorded on June 17, 2024. The prior lender was Helaba which held debt that had an original loan amount of $31 million.
The property has 51,644 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $503 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 Shorenstein Properties was John Corey. The signatory for Forethought Life Insurance Company was Rachel Hunter.
Shorenstein entities transferred the property through an entity-level transaction on July 1, 2020, valued at $49 million.
The property
The rental condo with 55 residential units in East Village has 51,644 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 51,644 square feet. The city-designated market value for the property in 2022 is $16 million.
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 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 block
On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 45,953 square feet of the 80,215 square feet. The largest owner is Suzann Zeitel, followed by Marko Gnann and then Judith Knafo.
There are no active new building construction projects on this tax block.
The majority, or 83 percent of the 80,215 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.
The borrower
The PincusCo database currently indicates that Shorenstein Properties owned at least one commercial property in New York City with 911,896 square feet and a city-determined market value of $273.8 million. (Market value is typically about 50% of actual value.) The portfolio has $350 million in debt, borrowed from Barclays. The portfolio consists of at least a single office property. It is located in Manhattan.
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