Steven Elghanayan signs $15M refi loan with Sterling Bank & Trust for 7-unit rental in Tribeca
Steven Elghanayan’s EPIC LLC through the entity 217 Newco LP as borrower signed a refi loan with lender Sterling Bank & Trust valued at $15 million for the seven-unit residential elevator building (D6) at 217-219 West Broadway in Tribeca, Manhattan.
The deal closed on January 18, 2024 and was recorded on January 24, 2024. The prior lender was OceanFirst Bank which held debt that had an original loan amount of $15 million.
The property has 26,981 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $555 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 EPIC LLC was Steven Elghanayan. Sterling Bank & Trust based in Michigan.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Steven Elghanayan, head officer and Nestor Delgado, site manager. The business entities are 217 Newco Lp and 217 Newco Lp.
The property
The residential elevator building with 7 residential units in Tribeca has 26,981 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,242 square feet. 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 Tribeca East Historic District. The city-designated market value for the property in 2022 is $11.9 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 one DOB violation and $350 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 block
On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 48,448 square feet of the 122,557 square feet. The largest owner is John Rosenmiller, followed by J&M Realty Services and then Epic.
On the tax block, there were two new building construction projects totaling 49,508 square feet. The largest is a four-unit, 24,754 square-foot residential (R-2) building submitted by Michael Ferry with plans filed June 10, 2014 and permitted December 16, 2016. The second largest is a six-unit, 24,754 square-foot residential (R-2) building submitted by Michael Ferry with plans filed June 10, 2014 and permitted February 7, 2017.
The majority, or 67 percent of the 122,557 square feet of built space are elevator buildings, with mixed-use buildings next occupying 14 percent of the space.
The borrower
The PincusCo database currently indicates that EPIC LLC owned at least four commercial properties in New York City with 229,135 square feet.
Direct link to Acris document. link