Taurus Investment Holdings, A24 sign $12.5M loan at Cherry Lane Theater in West Village

Boston-based Taurus Investment Holdings and A24 through the entity Cherry Lane Venue LLC as borrower signed acquisition and building loans with lender Northern Bank & Trust Company valued at $12.5 million for three properties including the eight-unit residential walkup building (C7) at 42 Commerce Street in West Village, Manhattan, 1-4 family building (A4) at 36 Commerce Street in West Village, Manhattan, and specialty building (J5) at 38 Commerce Street in West Village, Manhattan. Taurus and A24 partnered to buy the Cherry Lane Theater for $10 million.
The deal closed on February 28, 2023 and was recorded on March 8, 2023. The three properties have 22,009 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $567 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 Taurus Investment Holdings and A24 was Nancy Scotton. This is an acquisition and rehabilitation loan.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 42 Commerce Street.

Prior sales and revenue

Out of the three properties, one with a total of 22,009 square feet of built space generated revenue of $424,923 per year.

The property

The 42 Commerce Street parcel has frontage of 23 feet and is 78 feet deep with a total lot size of 2,512 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The block

On the tax block of 42 Commerce Street, PincusCo has identified the owners of two of the 10 commercial properties representing 13,080 square feet of the 76,816 square feet. The two identified owners are S.W. Management and Jessica Seigel.
there are no active new building construction projects on this tax block.

The majority, or 69 percent of the 70,684 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that A24 owned at least three commercial properties in New York City with 22,009 square feet and a city-determined market value of $28.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 38 percent of the 22,009 square feet of built space are walkup properties, with A4 properties next occupying 31 percent of the space. They are all located in Manhattan.

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