SKW Funding buys $25M note on Soho corner building

Danny Wrublin, Ayush Kapahi and Jerry Swartz’s SKW Funding purchased the note secured by 468 Broome Street in Soho with an original maximum value of $25 million from BankUnited, which issued the loan in 2014. The property owner is Albert Malekan, of Alberto Makali design brand.

The property is tax class office building with commercial with one to six stories (O5) at 468 Broome Street in Soho. The deal closed on January 14, 2021 and was recorded on February 10, 2021.
The property contains a total of 23,823 square feet of built space.

The last time the property sold was April 11, 2007 for $19,500,000.

Malekan also owns 460 Broome Street, three doors to the east, which he purchased for $17 million in 2017 with an $11.3 million loan from Sterling National Bank. SKW and Bain Capital partnered to raise a $500 million distressed assets fund.

Wrublin also owns Dalan Management. The SKW notes were collaterally assigned to Centennial Bank as part of a master repurchase agreement, according to property filings.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $130,000.

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