TF Cornerstone signs $230.1M refi for 318-unit rental in Meatpacking District

TF Cornerstone through the entity 95-97 Horatio L.L.C. as borrower signed a refi loan with lender Wells Fargo valued at $230.1 million for the 318-unit residential elevator building (D5) at 95 Horatio Street in the Meatpacking District, Manhattan.
The deal closed on December 2, 2024 and was recorded on January 2, 2025. The prior lender was Series 2015-K42 which held debt that had an original loan amount of $165 million.
The property has 434,276 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $529 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 TF Cornerstone was Jeremy Shell. The signatory for Wells Fargo was Christian Adrian.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Kamran Elghanayan, head officer and Frederick Elghanayan, officer. The business entities are Tf Cornerstone Inc and 95-97 Horatio Llc. The 434,276-square-foot property generated revenue of $24.1 million or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 318 residential units in Meatpacking District has 434,276 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 163 feet and is 367 feet deep with a total lot size of 62,290 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 Gansevoort Market Historic District. The city-designated market value for the property in 2022 is $135.4 million. The property has 6 rent regulated units according to city tax records from 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 $30,000 in ECB penalties and $32,250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 21, 2012. 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 four of the seven commercial properties representing 533,821 square feet of the 571,798 square feet. The largest owner is TF Cornerstone, followed by William Gottlieb Real Estate and then Aurora Capital Associates.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 571,798 square feet of built space are elevator buildings, with office buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that TF Cornerstone owned at least 30 commercial properties with 11,143 residential units in New York City with 10,740,078 square feet and a city-determined market value of $2.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 10,740,078 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Queens next at 37 percent of the space.

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