Stahl Real Estate signs $280M refi with Morgan Stanley for office in Tribeca

Stahl Real Estate through the entity 60 Hudson Owner LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank valued at $280 million for the office building (O4) at 60 Hudson Street in Tribeca, Manhattan.
The deal closed on September 6, 2023 and was recorded on September 25, 2023. The prior lender was COMM 2013-CCRE13 which held debt that had an original loan amount of $280 million.
The property has 802,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $349 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 October 31, 2014, for $3.5 million. The signatory for Stahl Real Estate was Richard F. Czaja. The signatory for Morgan Stanley was Cynthia Eckes.

The property

The office building in Tribeca has 802,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 194 feet and is 329 feet deep with a total lot size of 52,439 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $456.6 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 received $1,250 in ECB penalties and $4,390 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.1 times the average sales volume among other neighborhoods with $772.1 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Tribeca has 1.2 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 21,640 square feet of the 855,501 square feet. The two identified owners are Kenneth Maisler and ASG Equities.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 855,501 square feet of built space are office buildings, with elevator buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Stahl Real Estate owned at least eight commercial properties with 1,042 residential units in New York City with 1,675,835 square feet and a city-determined market value of $301 million. (Market value is typically about 50% of actual value.) The portfolio has $45.3 million in debt, with top three lenders as Stahl Real Estate, State Farm Realty Mortgage, and Apple Bank for Savings respectively. Within the portfolio, the bulk, or 54 percent of the 1,675,835 square feet of built space are office properties, with walkup properties next occupying 25 percent of the space. They are all located in Manhattan.

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