T30 Capital signs $17.5M construction loan with SME for 5-unit project in Greenwich Village

T30 Capital through the entity 44 West 8th Owner, LLC as borrower signed a new construction loan with lender SME Capital Ventures through the entity 44 W 8 Capital LLC valued at $17.5 million for the 5-unit development project at 44-46 West 8th Street in Greenwich Village, Manhattan.
On the lot, there is one active new building construction project, M01018827, for a five-unit, 22,338 square-foot R-2 building. The project was submitted by T30 Capital by Margaret Grossman with plans filed September 18, 2024 and it has not been permitted yet.
The deal closed on May 2, 2025 and was recorded on May 13, 2025. The property has 11,450 square feet of built space and 8,165 square feet of additional air rights for a total buildable of 19,642 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,528 and the price per buildable square foot is $890 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 6, 2023, for $10 million. The signatory for T30 Capital was Margaret Grossman .

The property

The retail building in Greenwich Village has 11,450 square feet of built space and 8,165 square feet of additional air rights for a total buildable of 19,642 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 120 feet deep with a total lot size of 5,710 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $2.9 million. The most recent loan totaled $8.2 million and was provided by SME Capital Ventures on October 6, 2023.

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 $1,000 in OATH penalties in the last year.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 8th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 2.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 80,227 square feet of the 194,032 square feet. The largest owner is Buchbinder & Warren, followed by Time Equities and then Lori Buchbinder.
On the tax block, there were two new building construction projects totaling 64,983 square feet. The largest is a 41-unit, 42,645 square-foot residential (R-2) building submitted by Daniel Straus and filed by Joseph Straus with plans filed August 16, 2018 and permitted October 5, 2021. The second largest is a five-unit, 22,338 square-foot residential (R-2) building submitted by T30 Capital and filed by Margaret Grossman with plans filed September 18, 2024 and it has not been permitted yet.

The majority, or 34 percent of the 194,032 square feet of built space are walkup buildings, with retail buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that T30 Capital owned at least two commercial properties with 76 residential units in New York City with 58,065 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 89 percent of the 58,065 square feet of built space are elevator properties, with retail properties next occupying 11 percent of the space. The bulk, or 89 percent of the built space, is in Bronx, with Manhattan next at 11 percent of the space.

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